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EUR/USD clinging to 1.2940/43

FXstreet.com (Barcelona) - The EUR/USD has been relatively sideways during US trading given the observance of the Memorial Day holiday in the United States – as such the pair has been devoid of any catalysts or breakouts thus far.

In these moments, the pair has settled in nicely at the 1.2940/43 level during US trading Monday. As long as resistance for the EUR/USD at 1.3020 holds, there is scope for resumption of downside as bearish trend conditions persist. Support is at 1.2797 ahead of 1.2746, indicating a bearish outlook”.” notes Gareth Berry, a Research Analyst at UBS.

According to Axel Rudolph, an analyst at Commerzbank, “The EUR/USD looks to be range bound between last week’s low at 1.2821 and the 55 and 200-day moving averages at 1.2983/1.3023. In addition, key short-term resistance is seen along from the February peak, which is located at 1.3109.”

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