FXstreet.com (Barcelona) -
EUR/USD is currently 1.3259 off session highs at 1.3265, rejected from that ask line for fourth time since late NY session last Wednesday. The pair comes bouncing from session lows at 1.3230 moments before Hong-Kong open, with local share markets in a negative tone.
For the session ahead main focus will be in key risk event German IFO business climate at 09:00 GMT, expected to come slightly better than previous, with no other major event for the London session EUR related. Later in the day, at 13:30 GMT will come US unemployment figures, with "the overall sentimentbearish on
EUR/USD towards this release", according to Forexcrunch.com.
For the upside, Raghee Horner, chief currency analyst for Interbank FX, finds that: "The daily
EUR/USD has continued to make the 38.2% Fibo Level a key decision level. This level none-the-less remains resistance as price action cannot find buying support or momentum north above 1.3250. This lack of conviction does open the door to the (aggressive) overbought distribution fade short sell as the Stochastics is attempting to cross the 80 level. The shallow uptrend of the daily chart has lost its bullish momentum with a lack of higher highs," the analyst notes.
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