EUR/USD searching for direction

FXStreet (Córdoba) - EUR/USD steadied at the mid 1.13’s zone during the American session and has spent the last hours in a tight range after the latest recovery attempt was capped by the 1.1360 level.

News that Greek government will send the list of reforms committed to the Eurogroup tomorrow, not tonight, gave the pair a breather as investors also await the Yellen semi-annual testimony before the Congress on Tuesday.

At time of writing, EUR/USD is trading at 1.1330, recording a % loss on the day, having hit a high of 1.1394 and a low of 1.1294.

EUR/USD technical outlook

“The technical picture shows that the downside is still favored, with a bearish 20 SMA containing the upside a few pips above the current level in the 1 hour chart, while the technical indicators stalled their recovery from oversold levels well above their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the picture is neutral to bearish, with the 20 SMA and the 200 EMA converging around 1.1780 offering an immediate intraday resistance, and the indicators horizontal barely below their mid-lines”.