Forex: EUR/USD decline stalls at 1.2860/70

FXstreet.com (Barcelona) – Euro retreat from 1.3430 high on Jan 4 extended on Friday below 1.3000 psychological support, and the pair has stalled above 1.2870/80 support area on Monday, unable to break lower, before picking up to 1.2950 session high on early US session.

On the upside, the pair might find resistance at 1.2560/65 (intra-day level), and above here, 1.3020 (Jan 7 highs) and 1.3080 (200-day MA). On the downside, support levels remain at 1.2860/70 (session lows), and below here, 1.2825 (Daily Pivot Point S2) and 1.2785 (Sept 13 low).

The pair seems exhausted to the downside according to Valeria Bednarik, collaborator at FXstreet.com who observes the possibility of an upside correction: “Euro seems exhausted to the downside in 4 hours chart, aiming for a bullish corrective movement, towards the 1.2960 immediate resistance zone. Current hourly chart, shows some bullish strength coming from indicators while current candle opened above a still flat 20 SMA. Retest of 1.3000 seems likely once above 1.2960.”

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