EUR/USD consolidates above 1.3600
FXStreet (Córdoba) – The EUR/USD stabilized above 1.3600 and remains quiet, moving in a small trading range between 1.3600 and 1.3610. Earlier dropped to 1.3594, reaching the lowest price since June 26, following the ECB and NFP.
Afterwards rebounded but the recovery was capped by 1.3620 and pulled back. Currently trades 50 pips below the price it had at the beginning of the day.
EUR/USD technical outlook
“The hourly chart shows price ranging now in between 1.3595 daily low and the 23.6% retracement of the 1.40/1.35 fall at 1.3620”, says Valeria Bednarik, Chief Analyst at FXStreet.
Indicators turned flat in oversold levels, while 20 SMA extended its decline below both 100 and 200 SMAs notes Bednarik, that warns that the pressure is to the downside.
For more information, read our latest forex news.