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EUR/USD: Gains above 1.2775 required to regain upward tone - FXStreet

FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, notes that after the setback seen in US hours, EUR/USD needs now steady gains above 1.2775 in order to regain the upward tone.

Key Quotes

"The pair trades back below the 1.2700 mark, having been as low as 1.2663. The pair failed to overcome the key resistance around 1.2775, 23.6% retracement of the 1.37/1.25 daily fall, discouraging bulls."

"Short term, the 1h chart shows an increasing bearish potential with price below a bearish 20 SMA and indicators heading strongly south into negative territory. 100 and 200 SMAs in this last time frame stands around 1.2630 offering next support, and if below further unwind should be expected."

"The 4 hours chart shows price finding short term support in a still bullish 20 SMA while indicators turned strongly south but remain well above their midlines. Steady gains above 1.2775 are now required to see the pair regaining the upward tone."

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