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EUR/USD searching for direction

FXStreet (Córdoba) - EUR/USD has steadied at mid-range unable to pick up momentum either side of the board in the absence of catalysts or triggers for the pair.

EUR/USD has been mainly driven but cross action Wednesday in an otherwise uneventful day. EUR/USD failed to break above 1.2500 and came under pressure during the European session, but the setback was contained by the 1.2430 area, giving way to a phase of sideways consolidation. At time of writing, the pair is trading at 1.2466, little changed on the day.

EUR/USD short-term perspective

Valeria Bednarik, chief analyst at FXStreet, notes the pair holds neutral short-term stance. “Either downward acceleration below the daily low or some steady gains above 1.2500 are required to see the pair setting a more directional strength for the upcoming hours”, said the analyst.

Bednarik locates immediate support levels at 1.2440, 1.2400 and 1.2370, while resistances are seen at 1.2490, 1.2520 and 1.2555.

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