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Forex: EUR/USD unchanged around 1.3365

EUR/USD is so far unchanged from previous weekly close Friday around current 1.3368, still inside a 20 pip range for the day, with most Asian markets closed today for holiday. Major risk event ahead will be Eurogroup meetings in Brussels all day long, where French Fin Min Moscovici is expected to raise the issue of the strong euro with eurozone counterparts, Reuters reported.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the EUR/USD hourly chart is showing not much aims of recovering at the time being: indicators stand flat below their midlines while price holds below 20 SMA,” the analyst says, adding: “In the 4 hours chart the bearish tone is also present, with 20 SMA heading south around 1.3470 and indicators barely correcting extreme oversold readings. While the fall has been quite strong over the past few days, there are no technical signs a bottom and reversal are in place; there is a daily ascendant trend line coming from 1.2660 past November low, currently around 1.3250 area, so that’s the level to watch to confirm further EUR/USD losses. The downside however, will remain favored as long as price stands below 1.3485 static resistance level,” Valeria concludes.

The analyst spots support levels at: 1.3335, 1.3300 and 1.3250, while resistance levels at: 1.3390, 1.3440 and 1.3485.

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