EUR/USD: news from the battlefield
EUR/USD continues a sideways trade, stuck in the $1.3000/3200 sideways range. The pair is now testing the short-term resistance at $1.3120 (61.8% Fibo) as the risk sentiment improved after Chinese data.
We remain bearish for the pair in the medium term. As can be seen from the H4 chart, euro is forming a triangle, which is expected to be finally broken to the downside. However, we would recommend staying in a waiting mode as there are no clear trading signals for now.
A break below the 200-day EMA at $1.3030 would be a bearish sign. The next important support levels are $1.3000 and $1.2950.
Chart. Daily EUR/USD