FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that EUR/USD has slid for the second consecutive day to the 1.3655 level where it stalled, even though the dollar maintains a bearish tone across the board.
"Failure to extend beyond 1.3700 increases the risk to the downside, at least from a technical point of view, moreover now that the pair trades back below the 1.3675 level, 61.8% retracement of this year rally."
"But for the most, range prevails and with ECB and US NFP tomorrow, expectations are quite limited intraday."
"The 4 hours chart presents a mild bearish tone, with indicators heading strongly south and about to cross their midlines, and price now standing below a bullish 20 SMA."
"Further slides below 1.3650 should signal a continuation towards 1.3610 area, probable bottom of the day."
"To the upside, a breach beyond mentioned 1.3700 figure seems unlikely for today, ahead of the mentioned macroeconomic releases."