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Dollar under mild pressure - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the USD is correcting some of its recent gains in slow Monday trading.

Key quotes

"The EUR/USD surged up to 1.2569 despite local data pointed for a continued slowdown in the EZ, retracing now from the static resistance, pre US NFP year low."

"The 1 hour chart shows indicators still in positive territory but turning lower, and price above its 20 SMA, suggesting further gains will come only with some steady gains above mentioned resistance."

"In the 4 hours chart indicators corrected oversold readings, but remain well into negative territory, while 20 SMA maintains a strong bearish slope, acting as dynamic resistance in the 1.2600 price zone."

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