Investors are taking some profits out of the table, and the EUR/USD pair recovered to the 1.2200 level. In extremely thin trading and with the long weekend about to start in Europe, there had been no major releases in Europe. During the upcoming US session, the country will release its weekly unemployment figures and oil stocks which can imprint some life to the market. But New York will close earlier today, anticipating further quietness across the board that will likely extend also into next week.
As for the EUR/USD pair in the short term, the 4 hours chart shows the intraday recovery stalled well below former year low around 1.2240, whilst technical readings maintain a bearish tone. The daily high so far is 1.2206 which means a price acceleration above that level can see the pair extending up to 1.2240 price zone on more profit taking. To the downside 1.2164 is the year low and the immediate support: if US data comes out positive, the pair can return there and even extend a handful pips below it, down to 1.2120/40 price zone.
View Live Chart for EUR/USD
As for the EUR/USD pair in the short term, the 4 hours chart shows the intraday recovery stalled well below former year low around 1.2240, whilst technical readings maintain a bearish tone. The daily high so far is 1.2206 which means a price acceleration above that level can see the pair extending up to 1.2240 price zone on more profit taking. To the downside 1.2164 is the year low and the immediate support: if US data comes out positive, the pair can return there and even extend a handful pips below it, down to 1.2120/40 price zone.
View Live Chart for EUR/USD
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