Forex: EUR/USD falls back to opening levels

FXstreet.com (Córdoba) - The EUR/USD has had a wild ride on Tuesday, sliding to a low of 1.3266 only to bounce back to the 1.3360 area in the wake of stronger than expected German ZEW survey. However, the pair found once again resistance at the 1.3360/70 area and turned south in recent dealings.

EUR/USD pulled back to the 1.3305 zone, erasing completely intraday gains to trade flat at present. "Despite the intraday wide range and noise however, the pair maintains a neutral stance according to the 4 hours chart: not only technical readings lack momentum but price remains in its one week 150 pips range", says Valeria Bednarik, chief analyst at FXstreet.com.

Only a clear break above 1.3400/10 will signal an upward continuation that can extend near 1.3485, past 2012 high, according to the analyst. "On the other hand, there’s downside room in between 1.3290 and 1.3250/60 area, yet only below this latter bears will take control. Is time to be patient with the EUR/USD and wait for a clearer picture."

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