FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD trades lower in range, having extended its decline down to 1.3454 fresh year low, and unable to recover above 1.3475 former one broken last Tuesday.

Key Quotes:

“In the fundamental front, EU consumer confidence dropped down to -8.4 in July, while there was no major US data to affect currencies. European stocks edged higher, but US indexes stand near breakeven by the end of the American session, not before the S&P reached a fresh all time high”.

“With little to drive the pair, the EUR/USD remained contained in a tight 20 pips range, maintaining anyway the bearish bias intact. In the short term, the hourly chart shows price right below its 20 SMA and indicators gaining bearish tone below their midlines, while in the 4 hours one indicators continue heading lower despite in oversold territory, leaving little room for recoveries”.

“European PMI readings early Thursday can be the trigger the market needs, with upward corrections up to 1.3570 seen as selling opportunities rather than probable signs of a reversal”.

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