22 Dec 2014
EUR/USD fails to get away from lows
FXStreet (Córdoba) - EUR/USD managed to recover some ground after scoring a fresh 2-year low at the weekly opening as the dollar retreated across the board, although it lacked follow-through.
The euro bottomed out against the dollar at 1.2219 early on Monday and staged a mild bounce that didn’t go much further as the 1.2270 area offered resistance, confining the pair to a phase of consolidation. At time of writing, EUR/USD is trading at 1.2260, still up 0.24% on the day.
Divergent monetary policy outlooks are keeping EUR/USD at 2-year lows, with the pair having lost 12% from this year highs, while Greece’s political uncertainty is adding short-term pressure.
EUR/USD technical outlook
"The overall bearish trend remains firm in place, although not much action should be expected these days, with the pair most likely confined to the 1.22/23 range", said Valeria Bednarik, chief analyst at FXStreet.
The euro bottomed out against the dollar at 1.2219 early on Monday and staged a mild bounce that didn’t go much further as the 1.2270 area offered resistance, confining the pair to a phase of consolidation. At time of writing, EUR/USD is trading at 1.2260, still up 0.24% on the day.
Divergent monetary policy outlooks are keeping EUR/USD at 2-year lows, with the pair having lost 12% from this year highs, while Greece’s political uncertainty is adding short-term pressure.
EUR/USD technical outlook
"The overall bearish trend remains firm in place, although not much action should be expected these days, with the pair most likely confined to the 1.22/23 range", said Valeria Bednarik, chief analyst at FXStreet.