FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at EUR/USD from a purely technical perspective.

He begins by noting that spot is up on the week but he is flipping to a bearish outlook. Looking at his daily chart, he writes, “RSI has reached levels where, in recent weeks, spot has peaked. Also 20D SMA looks like an important resistance on the topside, which has barely been tested. With bandwidth falling, spot is likely to range. Hence, a retracement lower within the range seems most likely. Our target is 1.2900 (above 200D SMA).”