Forex: EUR/USD gaps lower post G7 meetings

FXstreet.com (Barcelona) - EUR/USD is last trading at 1.2970, following G7 meetings during the weekend, opening slightly lower from previous Friday's close around the 1.2990 level, printing session lows so far at 1.2963. The pair opens with a gap lower still unfilled with session highs at 1.2978.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “In the short term, the hourly chart shows 20 SMA now capping the upside around 1.3000, while indicators turn south below their midlines, after correcting extreme oversold levels,” the analyst notes, adding: “In the 4 hours chart, indicators maintain a strong bearish tone, supporting further falls, up to 1.2880/1.2920 in the upcoming sessions,” she concludes.

Valeria finds support levels at: 1.2970, 1.2925 and 1.2880, while resistance levels at: 1.3000, 1.3030 and 1.3070.