Forex: EUR/USD hovers above 1.3050, awaiting Europe

FXstreet.com (San Francisco) - EURUSD remains choppy with a negative bias as market participants await the ECB meeting and Press Conference in the European session. "In the meantime, the hourly chart shows price still caped below 20 SMA and the 23.6% retracement of its latest daily fall, both around 1.3070 and immediate resistance level, while indicators hover in neutral territory," explains Valeria Bednarik, Chief Analyst at FXstreet.com. Ms. Bednarik continues: "Despite the lack of follow through the downside continues to be exposed in the short term, as long as price holds below 1.3110, 38.2% retracement of the same rally."

At the time of writing, EURUSD sits near the bottom of its intraday range at 1.3050, around 10 pips below the close late Wednesday. Eamonn Sheridan, editor at Forex Live identifies topside sell areas at "1.3140/50 but stretching through to 1.3160 1.3110/20", and to the downside, "1.3040 1.3000/10 is buying area again, with stops underneath1.2990 before 1.2960/70 comes into play," he details.