FXStreet (Edinburgh) - The area of 1.3400 still remains elusive for EUR traders, limiting upside gains in EUR/USD so far.



“In the interim, the pair’s ability to hold above 1.3350 in the past few sessions we think may have diluted the downside impetus in the near term with 1.3350-1.3450 likely to prevail for now with leveraged EUR shorts (still at stretched levels) on the CFTC front also being reduced in the latest week”, noted Emmanuel Ng, FX Strategist at OCBC Bank.



Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, signaled, “Last week EUR/USD was sidelined between its 1.3336/33 current August lows and the upper pennant line at 1.3419. The near term risk is still for a corrective rebound towards the three month downtrend line at 1.3452 to unfold”.



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