EUR/USD returns to pre-payrolls levels around 1.3630

By FXstreet.com | June 06, 2014 AAA

FXStreet (San Francisco) - After peaking to highs since May 22 at 1.3670, the EUR/USD wasn't able to hold gains and now it is returning to pre-US data prices around 1.3630, just above the 200-day MA level.

"Not very encouraging, the failure to hold above the 1.3670 resistance level despite the comments from Weidmann that suggest that for all intents and purposes, the ECB has done all it can," comments Jamie Coleman from FXBeat.

Currently, EUR/USD is trading at 1.3632, down 0.19% on the day, having posted a daily high at 1.3678 and low at 1.3621. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish.

EUR/USD sentiment

"The EUR/USD hourly chart shows price holding above the 20 SMA, and indicators aiming higher around their midlines, with price retracing some from 1.3676, a couple pips above the 61.8% retracement of this year bullish run," Valeria Bednarik from FXStreet says.

Next resistance is located at 1.3688 (high May 22). On the downside, a break below 1.3503 (low Jun.5) would open the door to 1.3482 (low Feb.6) and then 1.3477 (2014 low Feb.3).

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