Forex: EUR/USD at 2-day lows
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EUR/USD
FXstreet.com (Córdoba) - In another quiet session, the euro edged a tad lower versus the greenback and recently printed a fresh 2-day low, weighed by worse-than-expected German industrial data. EURUSD slid to a low of 1.3044 ahead of the NY opening, and presently trades at the 1.3050 zone, down 0.2% on the day.
Still investors remain in a wait-and-see mode ahead of the ECB monetary policy decision on Thursday, although no big decisions are expected. From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that it seems supply and demand are balanced at current levels, as indicators in 4-hour charts present a neutral stance. "However, the bearish tone persists in smaller time frames& further losses could be seen once below 1.3050, targeting the 1.2990/1.3000 price zone. If below this last, 1.2950 is next".
"The upside is being caped by 1.3100/10 and only clear break above this last will deny the downside and favor a recovery towards 1.3150/70 price zone", Bednarik adds.
Still investors remain in a wait-and-see mode ahead of the ECB monetary policy decision on Thursday, although no big decisions are expected. From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that it seems supply and demand are balanced at current levels, as indicators in 4-hour charts present a neutral stance. "However, the bearish tone persists in smaller time frames& further losses could be seen once below 1.3050, targeting the 1.2990/1.3000 price zone. If below this last, 1.2950 is next".
"The upside is being caped by 1.3100/10 and only clear break above this last will deny the downside and favor a recovery towards 1.3150/70 price zone", Bednarik adds.
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