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EUR/USD on the verge of making a recovery?

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the price action around the EUR/USD and offers a short-term technical analyses that eludes to a possible break higher.

Key Quotes:

“Short term, the 1 hour chart for the pair shows price pressuring its daily high at 1.2545 by the end of US session, with price advancing above moving averages and indicators losing upward strength but steady above their midlines”.

“In the 4 hours chart the pair presents a mild positive, as despite above 20 SMA, largest moving averages remain above current price and with a clear bearish slope”.

“The 50% retracement of the latest bearish run from 1.2770 to the year low of 1.2357 stands at 1.2570, suggesting an outbreak above the area should lead to a steadier recovery towards 1.2660 strong static resistance level”.

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