EUR/USD has enjoyed a quiet session Friday in the absence of first-tier economic data and as investors gear up for the holiday season, with the pair having spent the last hours in a narrow range just above this year lows. In Germany, PPI came in flat but still slightly above expectations, while consumer confidence improved a tad according to a Gfk survey.
Technically speaking, short-term indicators continue to favor the downside, although 4-hour charts present oversold conditions which suggests the consolidation phase might extend before another push lower. A break below 1.2247, 2014 low, should pave the way for a fall toward 1.2200 en-route to 1.2133 (Aug 2012 low).
On the other hand, the euro needs to recover at least the 1.2300 level to ease the immediate pressure, although the 1.2350/80 area should cap the upside over the next hours.
View Live Chart for EUR/USD
Technically speaking, short-term indicators continue to favor the downside, although 4-hour charts present oversold conditions which suggests the consolidation phase might extend before another push lower. A break below 1.2247, 2014 low, should pave the way for a fall toward 1.2200 en-route to 1.2133 (Aug 2012 low).
On the other hand, the euro needs to recover at least the 1.2300 level to ease the immediate pressure, although the 1.2350/80 area should cap the upside over the next hours.
View Live Chart for EUR/USD
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