EUR/USD Analysis: bears retain control
|EUR/USD Current price: 1.1311
- Lack of macroeconomic news keeping EUR/USD ranging around 1.1300.
- European equities up, leading to a positive Wall Street´s opening.
The EUR/USD pair briefly pierced the 1.1300 level this Monday, barely holding above it in thin trading. The greenback is firmer against most rivals, as concerns related to the global economic slowdown sends speculative interest away from other currencies, particularly European ones. An exception is the CAD, which retains part of the strength triggered by solid employment data, also helped by a modest bounce in oil prices. Back to the shared currency, there were no relevant macroeconomic releases, but the downward revisions to this year's growth forecasts by several different organisms, keep it under pressure. The US has nothing to offer today in the data front. European indexes advance, hinting a positive start to Wall Street, while government bond yields remain subdued, amid increased demand for safety.
The EUR/USD pair hovers around 1.1310, bearish despite oversold, given that, in the 4 hours chart, it keeps developing below a bearish 20 SMA, which extends its slide below the larger ones, while technical indicators present neutral-to-bearish slopes at oversold levels. The daily low was set at 1.1296, yet it will take a break below 1.1280 to open doors for further declines in the last session of the day. The bearish case could ease on a recovery above 1.1330, the daily high, but the pair is far from turning bullish, as it would take an extension past the 1.1400 figure, quite unlikely for today.
Support levels: 1.1280 1.1245 1.1210
Resistance levels: 1.1330 1.1375 1.1400
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.