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Forex pairs in this Article » EUR/USD (Córdoba) - Even though the EUR/USD has been under pressure most of the day, weighed by disappointing IFO data and broad-based USD strength, the pair managed to pare losses and recovered some ground at the beginning of the New York session.

EUR/USD still capped by 1.3500

EUR/USD rebounded from a 6-day low of 1.3464 following the latest string of US data, which was mostly lower than expected. However, the pair failed to gather momentum and has remained capped by the 20-hour SMA around 1.3490. At time of writing, EUR/USD is trading at the 1.3480 zone, still a few pips below its opening price, having been rejected from a peak of 1.3518 during the European trade.

EUR/USD technical perspective

From a technical perspective, “the hourly chart shows price developing below a bearish 20 SMA, with a failure attempt to break higher, and indicators gaining bearish track below their midlines”, says Valeria Bednarik, chief analyst at “In the 4 hours chart 20 SMA capped the upside around 1.3520 earlier today, while indicators aim lower in negative territory, supporting the shorter term outlook”.

Bednarik locates immediate support levels at 1.3450, 1.3415 and 1.3385, while they see resistances at 1.3490, 1.3520 and 1.3550.
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