FXStreet (Bali) - A clear bearish tone remains in place in EUR/USD, notes Valeria Bednarik, Chief Analyst at FXStreet.
"The EUR/USD stands steady around the year low of 1.3320 reached last Friday, with a quiet calendar for the Asian session pointing for another dull Monday."
"The week however, will be fulfilled with US data, starting with GDP and FOMC meeting on Wednesday, and NFP figures on Friday, which may turn market even thinner ahead of the events."
"Technically, the hourly chart maintains a clear bearish tone, with price developing below its moving averages, all heading lower, and momentum still heading south despite near oversold levels."
"In the 4 hours chart indicators seem slightly exhausted to the downside, suggesting a probable upward correction: above 1.3440, the pair mat extend up to 1.3475, yet gains beyond this last are not likely. A break below 1.3410 on the other hand, should only accelerate the slide."