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7 Jan 2014
EUR/USD consolidates around 1.3630 after bouncing from 1-month lows
FXstreet.com (Córdoba) - After a falling for three days in a row, the Euro managed to post gains versus the US dollar on Monday, rising almost 40 pips. The EUR/USD bottomed at 1.3570, reaching the lowest price in a month but gained momentum on European hours and hit a daily high during New York trading at 1.3653.
The pair was unable to hold above 1.3650 and pulled back ending Monday around 1.3632; currently trades at 1.3628, 0,04% lower for the day.
Technical outlook for the EUR/USD
In the last hours the EUR/USD has remained steady hovering around 1.3630 without a clear trend. “In the 4 hours chart indicators head higher from oversold levels yet remain below their midlines, while 20 SMA and 200 EMA converge around 1.3660 offering strong intraday resistance: a break above the level should signal a stronger recovery, eyeing then 1.3710 price zone”, says Valeria Bednarik, Chief Analyst at FXstreet.com.
Important data ahead
The flow of information from the US and the Eurozone in the coming days will be important. Major impact could come from the NFP report on Friday or the ECB decision on Thursday. But on Tuesday, investors will digest new information from the German labor market and preliminary data on Eurozone inflation that could impact on the Euro.
The pair was unable to hold above 1.3650 and pulled back ending Monday around 1.3632; currently trades at 1.3628, 0,04% lower for the day.
Technical outlook for the EUR/USD
In the last hours the EUR/USD has remained steady hovering around 1.3630 without a clear trend. “In the 4 hours chart indicators head higher from oversold levels yet remain below their midlines, while 20 SMA and 200 EMA converge around 1.3660 offering strong intraday resistance: a break above the level should signal a stronger recovery, eyeing then 1.3710 price zone”, says Valeria Bednarik, Chief Analyst at FXstreet.com.
Important data ahead
The flow of information from the US and the Eurozone in the coming days will be important. Major impact could come from the NFP report on Friday or the ECB decision on Thursday. But on Tuesday, investors will digest new information from the German labor market and preliminary data on Eurozone inflation that could impact on the Euro.