The EUR/USD has shown little progress over the past 24 hours, consolidating at its lows after posting a fresh weekly low of 1.3688. Early data gave another set back to the common currency, with industrial production down by 0.3% in the euro area, yet in line with expectations.
The 4 hour chart shows price topping in the short term around 1.3730, with 20 SMA showing a strong bearish slope, currently offering dynamic resistance around 1.3745. Indicators in the same time frame head higher with momentum nearing 100 and RSI reentering above 30, showing technical readings had corrected most of the oversold readings but price was unable to follow.
The pair then remains exposed to the downside, albeit a price acceleration below 1.3690 is now required to confirm a downward acceleration towards key 1.3640/60 support zone. A break below should be critical and trigger a stronger downward run towards 1.3600/20 area. To the upside, price needs to regain 1.3745 to correct higher, eyeing then 1.3780 strong static resistance zone.
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View Live Chart for EUR/USD
The 4 hour chart shows price topping in the short term around 1.3730, with 20 SMA showing a strong bearish slope, currently offering dynamic resistance around 1.3745. Indicators in the same time frame head higher with momentum nearing 100 and RSI reentering above 30, showing technical readings had corrected most of the oversold readings but price was unable to follow.
The pair then remains exposed to the downside, albeit a price acceleration below 1.3690 is now required to confirm a downward acceleration towards key 1.3640/60 support zone. A break below should be critical and trigger a stronger downward run towards 1.3600/20 area. To the upside, price needs to regain 1.3745 to correct higher, eyeing then 1.3780 strong static resistance zone.
.
View Live Chart for EUR/USD
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