EUR/USD consolidates above 1.3400

By FXstreet.com | July 29, 2014 AAA

FXStreet (Córdoba) - The EUR/USD remained steady during the second half of the American session consolidating above 1.3400. The Euro finished the day trading around 1.3405/10, down 0.22% and posted the lowest daily close since November 11, 2013.



Price action remains steady ahead of the Asian session with the US dollar trading near Tuesday’s highs across the board.



EUR/USD technical outlook



Valeria Bednarik, Chief Analyst at FXStreet affirms that market sentiment is still strongly bearish with the EUR/USD,” with the hourly chart showing indicators turning flat in oversold levels, anticipating some consolidation rather than a reversal in the short term”.



“In the 4 hours chart technical readings also are bearish supportive, with short term sellers now in the 1.3440 price zone,” concludes Bednarik.



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