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Forex: EUR/USD keeps the 1.3020/40 range

The single currency remains in the positive territory on Tuesday, ahead of the opening bell in Wall St, hovering over 1.3030/35 after correcting lower from session tops in the boundaries of 1.3080

William Moore, Technical Markets Strategist at RBS, argued the cross failed to close below 1.3000 on a weekly basis, finding some support since then. “Beneath there the extended neckline at 1.2896 sits waiting and 1.2730 waits even lower. The bias here is that the market’s slightly oversold here and one of these levels will provide some respite from the downtrend”, Moore remarked.

At the moment, EUR/USD is up 0.06% at 1.3034 facing the next hurdle at 1.3101 (high Mar.1) ahead of 1.3108 (MA10d) and then 1.3114 (Ichimoku Cloud Base).
On the flip side, support levels line up at 1.3016 (low Mar.5) ahead of 1.2982 (low Mar.4) and then 1.2966 (2013 low Mar.1).

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