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EUR/USD minor recovery back to test 200 DMA

FXStreet (Guatemala) - EUR/USD is currently making a minor recovery and trades at 1.1173 with a high of 1.1261 and a low of 1.1157.

EUR/USD has performed on the bid in the last trading hour making a minor recovery, rallying up from 1.1157, testing back at the 200 DMA at 1.1176 and supported by the 50 DMA at 1.1163.

The news from Europe has been lower than expected CPI's and a recovery in equities that instigated a sell-ff on the euro that stabilized in recent US trade while the positive performance on Wall Street has started to come-off ahead of further Fed speakers from Bullard (non voter hawk) and Yellen (dove, voter).

EUR/USD neutral below 1.1300

Analysts at UOB Group explained that the outlook for EUR/USD is still neutral below 1.1300. "Stronger than expected rebound could extend to 1.1330. The rebound from the 1.1114 low last Friday continues to gain ground and could extend above the strong 1.1300 resistance.

However, only a clear break above 1.1330 (say a daily closing above this level) would indicate the start of a bullish phase. Until then, the current outlook is still viewed as neutral albeit with a bias on the upside. Strong support is at 1.1180 ahead of the key support at 1.1110/15."

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