Forex: EUR/USD frozen around 1.3030

EUR/USD is not moving much at the moment, flat for the session so far, last at 1.3036, near session highs, and off session lows at 1.3025. Euro is weaker against AUD, printing fresh 6-week lows at 1.2636 EUR/AUD, while local share markets are showing mixed signs, with ASX and Kospi slightly in the negative, while Nikkei, Hang-Seng and Shanghai are above +0.5%. EUR/USD is up a tiny +0.26% so far for the week.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the EUR/USD trades around the 50% retracement of its Friday fall with the hourly chart showing technical readings in positive territory; the 61.8% retracement of the same rally is now around 1.3070 and immediate resistance,” the analyst notes, expanding: “In the 4 hours chart technical readings remain neutral, yet if price manages to advance above mentioned resistance, the pair may gain momentum and extend towards 1.3120 price zone, where a daily descendant trend line should halt the run,” she concludes.

Support levels are seen by Valeria at: 1.3020, 1.2980 and 1.2950, while resistance levels at: 1.3070, 1.3120 and 1.3160.