The EUR/USD pair is trading with low volatility with a poorly defined range. Today the pair has approached the level of the 200-day moving average which is located at 1.2940. This level will provide dynamic support to the pair, since the pair is approaching this level it will try to bounce upwards, as it has happened in the previous months. Therefore, we believe that if the pair again negotiates between the levels of 1.2970 and 1.2950, the Euro quickly tries to bounce. The Momentum Indicator approaches the moving average of the MACD which also signifies that the euro could recover its losses in the coming days, so we recommend buying the pair at any price above 1.2950 with targets at the ceiling of the bearish channel around 1.3101.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
