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EUR/USD steady above 1.2600 on Tuesday - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that EUR/USD fell from the 1.2664 spike after the release of disappointing German Industrial Production numbers, but continues trading above the 1.2600 level.

Key quotes

"Local share markets trade down as well as US futures, which gives dollar some short term support at this time of the day."

"Nevertheless the American currency has been unable to regain the ground lost late Monday, and the EUR/USD 4 hours chart shows price above a bearish 20 SMA, offering short term support around 1.2605, while momentum aims higher below 100 and RSI stands flat in neutral territory."

"The critical resistance stands at 1.2700 and as long below risk to the upside will remain limited; a break through it however should see the pair quickly extending towards 1.2740/50 area while gains above this last should anticipate further recoveries for the upcoming sessions."

"To the downside, lost of 1.2600 figure will likely see the pair resuming the bearish tone, with price extending down to 1.2530/50 price zone."

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