EUR/USD clings tightly to 1.3200

By FXstreet.com | Updated August 26, 2014 AAA

FXStreet (Córdoba) - The EUR/USD remains frozen, having only deviated a few pips away from the 1.3200 mark over the last hours, with the latest string of US data failing to trigger interesting moves.

The EUR/USD has spent the last hours in a slim range around 1.3200 after sliding to a fresh 11-month low of 1.3178 during the Asian session, as the shared currency remains under pressure amid prospects the European Central Bank will take further easing measures. However, bears don’t seem determine to drag the pair lower yet.

At time of writing, the EUR/USD is trading at 1.3198, virtually unchanged on the day, having also been unable to fill the weekly opening gap so far.

EUR/USD technical perspective

“Technically, the pair maintains a neutral short term stance, as the hourly chart shows indicators flat around their midlines, and 20 SMA horizontal”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart 20 SMA stands now around 1.3240 converging with the unfilled gap and offering dynamic resistance, with indicators also directionless in negative territory”.

Bednarik locates immediate supports at 1.3185, 1.3150 and 1.3120, while resistances are seen at 1.3215, 1.3250 and 1.3270.

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