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EUR/USD weak while below 1.28 - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole suggests that only while trading above 1.2690 EUR/USD is expected to attract demand.

Key quotes

"The EUR/USD pair declined on Tuesday after the prices failed to sustain above the resistance level of 1.2750. The pair ended below the 5-day and the 10-day moving average levels of 1.2686 and 1.2692 respectively."

"The daily RSI has turned lower after having failed to rise above the 50 levels yesterday."

"On the hourly chart, the pair is attempting to rise above the resistance of 1.2650. The hourly RSI has flattened out indicating that the pair is likely to remain consolidated in a range of 1.2660 to 1.2630."

"The European equity futures are trading in the green, which may lead to a breakout above 1.2660 levels."

"However, a fresh demand for Euros can be anticipated only if the pair manages to sustain above 1.2690 levels. Overall, the pair appears weak so long as the prices trade below 1.28 levels."

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