EUR/USD comfortable above 1.3400

By FXstreet.com | August 04, 2014 AAA

FXStreet (Córdoba) - The EUR/USD remains locked in a range Monday, having slightly pulled back from its post-nonfarm payrolls high of 1.3440 to settle in a 15-pip range.



There was little in terms of economic data during the European session, with the Eurozone PPI for June coming slightly above expected. During the New York session, the calendar remains pretty light so in the absence of fresh news, the pair could go through a consolidation day. Next Thursday the ECB will decide on monetary policy although it could be a non-event as no surprises are expected.



EUR/USD technical outlook



“Friday's break through the dynamic resistance at 1.3400 signals a reversal of the downtrend from 1.3650 and the pair has entered a corrective phase, before next drowning towards 1.3280”, said Stoyan Mihaylov, analyst at DeltaStock.com. “The intraday bias is bullish above 1.3400, for a break through 1.3445 resistance, en route to 1.3502 major hurdle”.



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