FXstreet.com (Córdoba) - In the absence of substantial data or events, investors were left tracking rumors on the prospects of a Spanish bailout, with EUR/USD trading back and forward in a wide range between 1.2950 and 1.3050. However, as the week comes to an end the pair has settled in a narrower range around 1.3000.
At time of writing, EUR/USD is quoting at the 1.2995 zone, still up 0.2% on the day and on track to close the week with a net loss of 1.5% after 5 consecutive weeks of gains. However, the pair has managed to hold above the 23.6% retracement of the 1.2041-1.3171 rally at 1.2904.
"Slight improvement seen on an hourly chart, requires weekly close above 1.3000, to maintain near-term positive tone, however, failure to clear breakpoints at 1.3070/80, also Fib 61.8% of 1.3170/1.2919, would keep the downside risk in play", says Slobodan Drvenica, analyst at Windsor Brokers Ltd.
At time of writing, EUR/USD is quoting at the 1.2995 zone, still up 0.2% on the day and on track to close the week with a net loss of 1.5% after 5 consecutive weeks of gains. However, the pair has managed to hold above the 23.6% retracement of the 1.2041-1.3171 rally at 1.2904.
"Slight improvement seen on an hourly chart, requires weekly close above 1.3000, to maintain near-term positive tone, however, failure to clear breakpoints at 1.3070/80, also Fib 61.8% of 1.3170/1.2919, would keep the downside risk in play", says Slobodan Drvenica, analyst at Windsor Brokers Ltd.
