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EUR/USD drifting somewhat lower - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the EUR has been weakening slightly since the beginning of the European session which is devoid of macro releases for the Eurozone.

Key quotes

"So far, the pair has set a daily low of 1.3383, trading a couple pips above it, and with the 4 hours chart showing indicators continue retracing towards there midlines."

"20 SMA in the mentioned time frame, stands around 1.3370 offering immediate short term support as a break below it should lead to a retest of last week lows around 1.3330."

"Due to the tight volumes, further declines are not expected for today, albeit if somehow the level gives up, the 1.3300 figure comes next."

"As for the upside, risk of a move beyond 1.3440 has remained quite limited over the last few weeks and will likely remain so."

"Approaches to the level will be most likely seen as selling opportunities."

"Above the level on the other hand, risk of a stronger upward correction increases, with chances then of a quick spike up to 1.3437/1.3500 price zone."

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