NEW YORK (Forex News Now) – As of around 7:20 A.M. GMT on Thursday, the euro was paring losses against the U.S. dollar as it approached Wednesday’s high in European morning currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
FXstreet holds that hourly indicators look a bit exhausted to the upside, suggesting further consolidations for EUR/USD ahead.
The realtime forex news site adds that, “Pair needs to lose 1.3930 price zone, to trigger some bearish corrective rally, towards strong 1.3890 price zone, 61.8& retracement of the weekly fall 1 5140/1.1870.”
Meanwhile, Forexcyle points out that EUR/USD broke below key support at 1.3775, suggesting that a lengthier consolidation of the currency pair’s uptrend is underway.
According to the site’s intraday analysis, “Range trading between 1.3700 and 1.4000 would more likely be seen in a couple of days.”
In a report aimed at technical analysis trading, Precise Trader says the hourly trend has been in range trading, and the patterns suggest that higher highs are to be expected, with 1.3870-20 as the critical levels to watch to maintain a bullish outlook.
The site adds, “The Opening Price Principles are Mixed, so Cautious approach is needed until the Price breaks out of Zone 2 levels.”