This is what the analysts say about the heavily traded currency pair in the near-term:
Investija.com says that new consolidation is being formed below support barrier.
“Just below 1.3300 barrier, bears can look for extension. Bulls recovery can be initiated only above 1.3467 price level. Waiting action holds at current situation,” the site says in its intraday analysis.
Forexcycle notes that downward movement from 1.3785 extended to as far down as 1.3285.
The realtime forex news site adds: “Initial resistance is at 1.3420, as long as this level holds, downtrend could be expected to continue and next target would be at 1.3100 area.”
Meanwhile, Precise Trader writes that a cautious approach is needed as the hourly oscillators are mixed and that the price is below MA.
“The hourly trend has been in a range trading with no price target and the patterns are suggesting a choppy session until the break. 1.3390-1.3425 are the critical levels to watch to maintain the bearish outlook,” it says in its technical analysis.