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EUR/USD down to test 1.2450 again; what before 1.2120?

FXStreet (San Francisco) - The EUR/USD rose to test daily highs around 1.2490 during the morning in America, however the pair failed to maintain these prices and is now returning to the 1.2450 area.

Currently, EUR/USD is trading at 1.2464, up 0.24% on the day, having posted a daily high at 1.2491 and low at 1.2427. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

EUR/USD sentiment

According to BTMU's analyst, the EUR/USD is currently neutral as the pair “may reflect increasingly elevated short positioning highlighting that the euro is oversold in the near-term leaving us wary that it may stage a temporary relief rally."

Technical Analyst and Mentor at FibStalker Trading Giuseppe Basile @fibstalker also commented on the EUR/USD and said that the pair "can rally to the 1.2600 footprint before heading back to 1.2120."

In the short term, 1.2490, 1.2500 and 1.2530 are resistances. To the downside, supports are at 1.2450, 1.2420 and 1.2400.

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