- EUR/USD fails to gather serious upside traction above 1.2100.
- Round figure 1.2100 reinforces the contention area.
EUR/USD is hovering in a narrow range above 1.2100, consolidating the recent recovery from monthly lows ahead of the key US retail sales. US Treasury yields retreat, as the Fed commences its two-day monetary policy meeting.
EUR/USD is trading at daily lows, a few pips above the 1.2100 mark. The near-term picture is bearish. The 4-hour chart shows that the pair retreated from around support, which heads firmly lower below the longer ones. Technical indicators have turned south within negative levels, indicating increased selling interest. The bearish momentum will be clearer once below 1.2090, the immediate support level.
Support levels: 1.2090 1.2050 1.2010
Resistance levels: 1.2125 1.2160 1.2200
