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EUR/USD Forecast: steady at mid range – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet comments on EUR/USD's trading steadily at midrange, with little upward support.
Key Quotes

“Once again, the EUR/USD faltered in the 1.2500 price zone reached late US Tuesday afternoon, in extremely thin market conditions. As market wakes up after two days of low activity the pair is midrange, having posted a daily low of 1.2430 but bouncing strongly from there”

“Local data show EZ industrial production bounced in September, up to 0.6% against previous -0.5% and the expected -0.3%, supporting the latest intraday recovery.”

“Nevertheless, the pair trades in a quite limited range ever since the week started, with little upward support according to the 4 hours chart: momentum heads lower below 100 while large moving averages maintain a strong bearish slope well above current price.”

“So far, 20 SMA has offered short term support at 1.2440, so it will take a clear break below it to confirm a steadier decline, eyeing an approach to 1.2370/1.2400 area. Some consolidation above 1.2500 on the other hand is required to see the pair regaining the upside, up to 1.2550 price zone.”

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