Forex: EUR/USD bears cap rebound at 1.28
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EUR/USD
FXstreet.com (San Francisco) - EURUSD's recovery from recent 2-month lows (1.2660) stalled at the 1.28 figure on Thursday, advancing to fresh 6-day highs. At the time of writing, spot is consolidating within a tight range around the 100-day EMA (1.2780) and trading above a rising trend line coming from the mentioned lows.
"In the [hourly] time frame, indicators head north above their midlines while 20 SMA gains bearish slope, supporting an upside continuation," observes Valeria Bednarik, Chief Analyst at FXstreet.com. "In the 4 hours chart technical readings are also positive, giving the pair scope to test next key resistance around 1.2880."
Bullish targets are noted at 1.2810, 1.2840 and 1.2880, while support levels are noted at 1.2750, 1.2725 and 1.2690. There is no data on offer this Friday in Asia, so price action will be driven mostly by sentiment and regional bourses until the European and U.S. sessions. Later in the global day, U.S. President Obama will meet with congressional leaders on Capitol Hill to discuss the economy and 'fiscal cliff' situation.
"In the [hourly] time frame, indicators head north above their midlines while 20 SMA gains bearish slope, supporting an upside continuation," observes Valeria Bednarik, Chief Analyst at FXstreet.com. "In the 4 hours chart technical readings are also positive, giving the pair scope to test next key resistance around 1.2880."
Bullish targets are noted at 1.2810, 1.2840 and 1.2880, while support levels are noted at 1.2750, 1.2725 and 1.2690. There is no data on offer this Friday in Asia, so price action will be driven mostly by sentiment and regional bourses until the European and U.S. sessions. Later in the global day, U.S. President Obama will meet with congressional leaders on Capitol Hill to discuss the economy and 'fiscal cliff' situation.
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