FXStreet (Córdoba) - The EUR/USD pulled back during the American session but managed to hold above 1.3600. Price reached a session low at 1.3607, then rebounded and in the last hours it has been hovering around 1.3620.
The Euro weakened slightly with Draghi’s presentation at the European Parliament but the downside was limited by risk appetite.
EUR/USD technical outlook
According to Valeria Bednarik, Chief Analyst at FXStreet in the short term the pair continues to lack direction “with the hourly chart showing price hovering around 20, 100 and 200 SMAs all together at current price zone, a clear reflection of the absence of trend. In the 4 hours chart the picture repeats, with moving averages in a 20 pips range also around current levels”.
Unless there is a break of the range 1.3570 - 1.3650 ”the pair will hardly see any directional move over the upcoming days”, notes Bednarik.