EUR/USD unable to rally above 1.1300

By FXStreet FXStreet (Córdoba) – EUR/USD pulled back during the last hours and trimmed gains. The pair peaked earlier at 1.1295, reaching the highest level since Monday but then lost steam and pulled back.

From the highs dropped more than 50 pips, as the euro lost strength in the currency market. The retreated from the top found support at 1.1235. At the moment, EUR/USD trades at 1.1245/50, 70 pips above yesterday’s closing price while stocks in the US remain in negative territory. The Dow Jones is falling 1.25% and the Nasdaq declines 1.28%.

EUR/USD continues to bounce from 1.11

The pair is rising for the second day in a row and currently is trading slightly above the daily 20-SMA as it continues to recover form 1.1100. The rally of the euro was capped below 1.1300. The 4-hour chart shows Momentum above the 100-level and pointing to the upside.

The key intraday support could be located around 1.1215 where the hourly 20-SMA is located and also where a short-term uptrend line stands. A break lower could weaken the euro, exposing the next support at 1.1160.
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Source:: FX Street