FBS: Technical picture on EUR/USD
Tatiana Norkina, analyst at FBS
It is hard for the single European currency to recover against the dollar, as the pair encounters a large number of important resistance levels. Yesterday's break through the 1.2960 mark was false, after which the prices adjusted to the 1.2940 area.
Today trading is quite sluggish. The bulls have made another attack on the 1.2960 level, yet again, their attitude is quite weak, which is proven by MACD indications. The histogram and the signal line are set to fall.
It is evident that, without taking 1.2960, correction of the day's downward trend, at least to the 1.3000 figure, is not deemed possible. If there is a break through the 1.2940 support, we are expecting strengthening of the bearish sentiment on the market.