FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/USD broke higher and extended up to 1.1326, but failed to sustain gains above the 1.1300 level, and fell back below the 1.1280 level, putting in doubt any additional gains in the common currency.
Key Quotes:
"Despite being above the daily descendant trend line coming from 1.1713, the short term picture is far from bullish as the 1 hour chart shows that the technical indicators turned lower in positive territory, whilst the 20 SMA offers an immediate support in the 1.1260 region."
"In the 4 hours chart, the technical indicators are also turning south above their mid-lines, whilst the price is now well above its moving averages, that anyway lack directional strength .
As long as the price holds above the 1.1250 level, the downside seems limited, yet a break below it should be pretty discouraging for bulls, and anticipate some further intraday declines for this Friday."
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