The EUR/USD advances some this Tuesday, having reached an intraday high of 1.2840 so far on the day, but with no technical momentum, as per barely holding now above the 1.2800 mark. Dollar seems ready to recover the ground lost over Asian hours, despite stocks maintain a positive tone so far on the day. Latest news coming from Europe show EU area government deficit is at 2.9%, surely not helping the common currency gain upward momentum.
As for the technical picture, the 4 hours chart shows a quite weak positive tone, with indicators lacking direction around their midlines, and price holding above a flat 20 SMA. The Fibonacci support in the 1.2780 area, is critical as a break below it will turn the risk back to the downside, eyeing 1.2720/30 area as next short term support. To the upside on the other hand, the pair presents several intraday highs from late last week in the 1.2845 price zone, so it will take a break above it to confirm some further advances, towards 1.2890. If above this last, the rally should target then 1.2957, 38.2% retracement of the 1.37/1.25 decline.
View Live Chart for EUR/USD
As for the technical picture, the 4 hours chart shows a quite weak positive tone, with indicators lacking direction around their midlines, and price holding above a flat 20 SMA. The Fibonacci support in the 1.2780 area, is critical as a break below it will turn the risk back to the downside, eyeing 1.2720/30 area as next short term support. To the upside on the other hand, the pair presents several intraday highs from late last week in the 1.2845 price zone, so it will take a break above it to confirm some further advances, towards 1.2890. If above this last, the rally should target then 1.2957, 38.2% retracement of the 1.37/1.25 decline.
View Live Chart for EUR/USD
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