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EUR/USD ranges expanding with bearish bias

FXStreet (Guatemala) - EUR/USD is trading at 1.2799, down -0.30% on the day, having posted a daily high at 1.2846 and low at 1.2706.

EUR/USD has been another bumpy ride from one handle to the next, bottoming out at 1.2706 and capped at 1.2840. There was a very large scale liquidation of long dollar positions versus the euro yesterday on the back of a stretched dollar and the moves in the short term yields spreads, which may point to a bullish view in the near term for the pair but could be moving in a large range due to the intense volatility of late. The markets are tense in this environment and risk aversion may play a key factor in a renewed surge in the dollar to the upside and especially vs the euro when we take into account the risks associated in Europe currently and ahead of the ECB stress test results of the banks on 26th October.

EUR/USD noteworthy levels

Current price is 1.2799, with resistance ahead at 1.2838, 1.2846, 1.2887 and 1.2927 (Weekly Classic R2). Next support to the downside can be found at 1.2784 (Hourly 20 EMA), 1.2783 (Daily Classic PP), 1.2778 (Weekly Classic R1), 1.2752 (Daily 20 SMA) and 1.2707 (Hourly 100 SMA).

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