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EUR/USD retreats, again around 1.3365

FXStreet (Córdoba) - The EUR/USD failed to hold above 1.3400 for the second day in a row and pulled back during the American session. The retreated from 1.3406 found support at 1.3360.

The Euro is about to finish the day trading around 1.3360/70; the same level it closed the previous two days as it continues to move sideways in the short term but facing downside pressure on a wider perspective.

EUR/USD and another weekly decline?

The pair is headed toward the fifth weekly decline in a row. Last Friday rallied but the recovery was short lived and turned again to the downside, after being unable to break above 1.3430.

“The euro is likely to remain under downward pressure against the US dollar in the near-term after EUR/USD closed below its 200-week moving average last week for the first time since September of last year”, mentioned the FX Strategists at the Bank of Tokyo Mitsubishi UFJ.

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