The EUR/USD pair struggles around the 1.1300 level, having been under pressure since the day started. The common currency can't find relief despite EZ´s Dijsselbloem said ministers could consider further debt relief for Greece, after the Hellenic country PM presented a letter with a list of adjustments to the ongoing bailout program late Monday. Just release, the final revision of the Euro zone inflation readings resulted unchanged for January, with the YoY figure at record lows of -0.6%.
Technically, the 4 hours chart shows that the price develops at the base of these day's range, and below a bearish 20 SMA, while indicators turned slightly lower below their midlines, suggesting some further declines to the 1.1250/60 price zone. This last is the key, as the pair has held above it for all of this February, with large stops building up below it. If triggered, the pair can accelerate sharply lower towards the 1.1200 figure, with a break below this last exposing the pair to a retest of the year low at 1.1097. To the upside, 1.1350/80 price zone comes as the immediate resistance level, and a recovery towards it will most likely attract sellers once again.
View Live Chart for EUR/USD
Technically, the 4 hours chart shows that the price develops at the base of these day's range, and below a bearish 20 SMA, while indicators turned slightly lower below their midlines, suggesting some further declines to the 1.1250/60 price zone. This last is the key, as the pair has held above it for all of this February, with large stops building up below it. If triggered, the pair can accelerate sharply lower towards the 1.1200 figure, with a break below this last exposing the pair to a retest of the year low at 1.1097. To the upside, 1.1350/80 price zone comes as the immediate resistance level, and a recovery towards it will most likely attract sellers once again.
View Live Chart for EUR/USD
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