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1 Jan 1970
EUR/USD struggles at 1.3800
FXStreet (Córdoba) - The EUR/USD managed to recover Friday, trimming some of its weekly losses, although the pair is having a hard time trying to consolidate above the 1.3800 level.
The EUR/USD bottomed out at 1.3748 Thursday after falling more than 170 pips in the Federal Reserve aftermath, but it has been staging a mild recovery over the last session, having climbed back to the 1.3800 zone during the New York session. At time of writing, the EUR/USD is trading at the 1.3795 area, still up 0.2% on the day.
EUR/USD technical outlook
From a technical view, "The pair's hourly chart shows a slightly positive tone, as per trading above a short term ascendant trend line, yet the short term outlook remains pretty neutral as price hovers around a flat 20 SMA and indicators lie flat around their midlines", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart indicators continue correcting oversold readings, far from supporting a stronger advance, while price holds by few above its 200 EMA. Risk to the downside has not yet recede, albeit a break below 1.3740 is required to confirm a new leg down".
The EUR/USD bottomed out at 1.3748 Thursday after falling more than 170 pips in the Federal Reserve aftermath, but it has been staging a mild recovery over the last session, having climbed back to the 1.3800 zone during the New York session. At time of writing, the EUR/USD is trading at the 1.3795 area, still up 0.2% on the day.
EUR/USD technical outlook
From a technical view, "The pair's hourly chart shows a slightly positive tone, as per trading above a short term ascendant trend line, yet the short term outlook remains pretty neutral as price hovers around a flat 20 SMA and indicators lie flat around their midlines", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart indicators continue correcting oversold readings, far from supporting a stronger advance, while price holds by few above its 200 EMA. Risk to the downside has not yet recede, albeit a break below 1.3740 is required to confirm a new leg down".