1 Oct 2014
EUR/USD wanders around 1.2600
FXStreet (Córdoba) - EUR/USD continues to trade erratically around the 1.2600 level, unable to set a short-term direction as investors remain sidelined ahead of the European Central Bank decision Thursday and the US nonfarm payrolls Friday.
With latest recovery attempt capped by 1.2630, EUR/USD has traded within a narrow range, currently at the 1.2605 area, just a few pips below its opening price, ahead of the US ISM manufacturing PMI. Consensus points to a 58.5 reading in September versus 59.0 the previous month.
EUR/USD technical perspective
“In the 4 hours chart the bearish tone prevails, albeit RSI aims higher above 30, supporting current upward correction: critical resistance stands around 1.2650, a daily descendant trend line coming from 1.2880 region, and 20 SMA in the 4 hours chart”, said Valeria Bednarik, chief analyst at FXStreet.
With latest recovery attempt capped by 1.2630, EUR/USD has traded within a narrow range, currently at the 1.2605 area, just a few pips below its opening price, ahead of the US ISM manufacturing PMI. Consensus points to a 58.5 reading in September versus 59.0 the previous month.
EUR/USD technical perspective
“In the 4 hours chart the bearish tone prevails, albeit RSI aims higher above 30, supporting current upward correction: critical resistance stands around 1.2650, a daily descendant trend line coming from 1.2880 region, and 20 SMA in the 4 hours chart”, said Valeria Bednarik, chief analyst at FXStreet.