FXstreet.com (Barcelona) – The EUR/USD has been trading quiet for most of the day, finding slightly bullish momentum over the NY session as European sovereign debt concerns wane ever so slightly. The pair has lifted past prior resistance at 1.2940 and currently trades at a daily high of 1.2960 where it lingers around mid-day over the session.
Valeria Bednarik of the FXstreet Independent Analysis Team speculated earlier: “Euro seems to have finally found a bottom to bounce higher, as extreme oversold reading reached past Friday persist today: 4 hours chart shows indicators aiming higher, with price already above past Asian session high, and nearing immediate resistance area, around 1.2960. Consolidations above that level, and as long as above 1.2930 price zone, should signal a continuation rally towards the 1.3000/20 area, where 20 SMA, strongly bearish, should halt the recovery.”
On the other hand, Bednarik adds: “Now, 1.2910 comes as first intraday support, so losses below this last should trigger a bearish continuation rally towards 1.2880 first and 1.2850 later.”