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EUR/USD trading close to 1.2700 area - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole observes that EUR/USD is trading near the 1.2700 region on Monday, after breaching the hourly chart resistance at 1.2677.

Key quotes

"(It opened) doors for a re-test of 1.2730-1.2740 levels."

"The pair is likely to face a stiff resistance at the 10-day moving average level of 1.2725."

"Moreover, the pair has been struggling around 1.2715 levels since the Asian session with the daily RSI hovering below 50.00."

"However, the hourly RSI, at 67.00, is pointing to a further upside in the pair."

"The pair can test 1.2740 levels today if the prices manage to rise above 1.2715 levels."

"Meanwhile, the pair may retrace to 1.2680 levels in case it faces rejection around 1.2715 levels."

"The bears may regain control if the pair dips below the double bottom neckline level of 1.2677 on the hourly charts."

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