FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik remarks that EUR/USD broke above the roof of the daily descendant channel at the beginning of the European session but is unable to rise above the 1.3400 level around which it remains.

Key quotes

"In the short term, the hourly chart shows price contained by a bearish 200 SMA, with 20 SMA heading higher below current price and indicators turning flat in positive territory."

"In the 4 hours chart technical readings stand also in positive territory losing upward strength, suggesting selling interest around the critical level."

"Nevertheless stronger resistance stands in the 1.3430/40 price zone, and it will be only in the unlikely case of a run above it that the pair will confirm the bullish mode. "

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