EUR/USD: recovery lacks momentum

By FXstreet.com | July 29, 2014 AAA

FXStreet (Córdoba) - The EUR/USD has managed to advance somewhat during the European session and tested the top of this week range, yet lacked momentum to break to the upside.



The EUR/USD climbed to a high of 1.3444, supported by the positive tone in European equity markets, but it has been unable to rise beyond that level which matches yesterday’s peak. However, the pair was still trading close to its YTD low of 1.3420 scored Friday.



In the absence of first-tier data, the EUR/USD was once again confined to a narrow range. At time of writing, the pair is trading at 1.3440, virtually unchanged as focus turns to US consumer confidence data and the S&P/Case-Shiller home price index.

EUR/USD technical outlook



“The overall outlook here remains bearish, for a slide through 1.3380, en route to 1.3280 support zone”, said Stoyan Mihaylov, analyst at DeltaStock.com. “Initial minor resistance lies at 1.3450, followed by the major one at 1.3502”.



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