FXStreet (Córdoba) - The EUR/USD managed to pause its pullback from Friday’s highs at the 1.3380 support area, as in the absence of data, trading has been driven by some optimism in financial markets.
The EUR/USD came under mild pressure during the European trade and slid back below 1.3400, stretching to a low of 1.3381 before finding support. Most of the FX pairs are going through a phase of consolidation with short-term indicators flat following Friday’s wider moves. At time of writing, the EUR/USD is trading near lows at 1.3385, 0.17% below its opening price.
Tomorrow, German and Eurozone ZEW surveys will likely attract markets’ attention while from the US data will remain light until Wednesday’s retail sales figures release.
EUR/USD technical perspective
“The immediate support stands at 1.3370 and a break below should see the pair retesting recent lows around 1.3330, albeit further range is expected at least until Asian session”, said Valeria Bednarik, chief analyst at FXStreet.
Bednarik locates next support levels at 1.3370, 1.3330 and 1.3295, while she places resistances at 1.3450, 1.3475 and 1.3500.