FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the slightly better than expected Eurozone Industrial Production data, briefly supported the EUR/USD advance in the European morning.
"The EUR/USD advanced up to 1.3640 with the European opening, as risk aversion somehow diminished since Friday afternoon, with local stocks trading strongly up."
"EU Industrial Production slightly better than expected, supported the advance, yet the upward momentum was short lived, and the pair turned into consolidation afterwards."
"Technically, the 4 hours chart shows price consolidating right above the 1.3620 Fibonacci level, but indicators below their midlines and showing no upward potential."
"The critical resistance is the 1.3650 level, that capped the upside for most of the past week, and only a break above it should favor further recoveries towards the 1.3680 price zone."
"To the downside, the base of these last day’s range in the 1.3570/80 price zone continues to attract buyers and dips towards the level should be seen as buying opportunities rather than anticipate a break down."