FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that in today’s uneventful beginning of the US session EUR/USD is trading in a tight 20 pips range with a slightly positive tone in the hourly chart.

Key quotes

“Price stands above its 20 SMA and indicators in positive territory, albeit with no directional strength.”

“In the 4 hours chart the technical picture is still bearish, with indicators turning lower in negative territory, after correcting oversold readings, while price develops below a strongly bearish 20 SMA.”

“In case of recoveries, 1.3475 should cap the upside attracting sellers, yet a break below 1.3410 should accelerate the slide.”

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