The EUR/USD has fall down to a new year low of 1.3152 in Asian hours, but managed to bounce some ever since, and despite local macro data resulted far from encouraging: consumer confidence slide both in Germany and Italy.
Nevertheless, the pair is still trading below the 1.3200 figure, with the 4 hours chart showing RSI barely correcting oversold readings, and momentum heading higher below its 100 level. 20 SMA in the same time frame stands around mentioned 1.3200 level, yet the level to watch and break to confirm a steadier recovery comes at 1.3215, this week high. If above, price may attempt to fill the weekly opening gap around 1.3240.
To the downside, a break below 1.3150 should deny the possibility of a recovery, and push the pair back down towards fresh lows near the 1.3100 figure.
View Live Chart for EUR/USD
Nevertheless, the pair is still trading below the 1.3200 figure, with the 4 hours chart showing RSI barely correcting oversold readings, and momentum heading higher below its 100 level. 20 SMA in the same time frame stands around mentioned 1.3200 level, yet the level to watch and break to confirm a steadier recovery comes at 1.3215, this week high. If above, price may attempt to fill the weekly opening gap around 1.3240.
To the downside, a break below 1.3150 should deny the possibility of a recovery, and push the pair back down towards fresh lows near the 1.3100 figure.
View Live Chart for EUR/USD
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