FXstreet.com (San Francisco) - EUR/USD started the week with a slight upside gap to 1.2350 from 1.2332 late Friday, and is trading between a flat 21 and 55-day EMA this Monday in Asia.
“Having already filled the opening gap and holding above the 1.2320/30 mark, the pair continues to trade in range, although with scope for further rises after the strong bounce from the 1.2280 past Friday New York session low,” observes Valeria Bednarik, Chief Analyst at FXstreet.com in a research note.
The analyst also says that price needs to rally above the 1.2385 mark to retest the 1.2440 high (Aug 7 peak) and possibly push higher. To the downside she notes support at 1.2280, and “1.2250 should be enough to keep the downside limited in case of slides,” says Ms. Bednarik.
“Having already filled the opening gap and holding above the 1.2320/30 mark, the pair continues to trade in range, although with scope for further rises after the strong bounce from the 1.2280 past Friday New York session low,” observes Valeria Bednarik, Chief Analyst at FXstreet.com in a research note.
The analyst also says that price needs to rally above the 1.2385 mark to retest the 1.2440 high (Aug 7 peak) and possibly push higher. To the downside she notes support at 1.2280, and “1.2250 should be enough to keep the downside limited in case of slides,” says Ms. Bednarik.
