The EUR/USD trades steady near yet another fresh low posted with the European opening at 1.3241, so far limited to a 30 pips range. Early data show German PMI readings resulted better than expected, but French and EZ ones missed expectations again. The continued fall has left indicators of the 4 hours chart in oversold levels looking a bit exhausted to the downside at the time being, yet an upward correction will depend on a recovery at least above the 1.3300 level.
In the meantime, the bearish tone prevails, with the 20 SMA in the mentioned time frame accelerating lower now around 1.3310 and reinforcing the resistance area. Furthermore, sellers will likely surge on approaches to 1.3330/40 which means is worth waiting to sell higher rather than attempt a buy. A break below the daily low on the other hand, should see the pair extending its decline towards the 1.3190/1.3200 price zone.
View Live Chart for EUR/USD
In the meantime, the bearish tone prevails, with the 20 SMA in the mentioned time frame accelerating lower now around 1.3310 and reinforcing the resistance area. Furthermore, sellers will likely surge on approaches to 1.3330/40 which means is worth waiting to sell higher rather than attempt a buy. A break below the daily low on the other hand, should see the pair extending its decline towards the 1.3190/1.3200 price zone.
View Live Chart for EUR/USD
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