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EUR/USD clings to 1.3200

FXStreet (Córdoba) - The EUR/USD seems unable to leave the 1.3200 area, with the latest string of US data having virtually no impact on the FX market as the dollar takes a breather following last sessions’ rally.

The EUR/USD left a weekly opening gap and scored a fresh YTD low at the beginning of the European session, weighed by soft German IFO data. However, after bottoming out at 1.3183, the pair entered a consolidation phase bounded by 1.3210 on the upside. At time of writing, the EUR/USD is trading at 1.3203, still down 0.26% on the day.

Despite going through a consolidation phase, the EUR/USD remains vulnerable following comments from Fed Yellen (hawkish-ish) and ECB Draghi (dovish) in Jackson Hole last Friday.

EUR/USD technical perspective

Valeria Bednarik, chief analyst at FXStreet notes that short-term indicators are directionless with the RSI near oversold levels. “In the 4 hours chart the overall technical stance is bearish, with a breakthrough 1.3185 probably anticipating a continued slide towards the 1.3100/20 price zone”, she added.

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