EUR/USD

From FX Street....

FXstreet.com (Córdoba) - As most crosses in the FX market, the EUR/USD remains locked inside a slim range amid lack of economic events and news from the Eurogroup meeting.

EUR/USD managed to recover ground after hitting its lowest level since July 2010 at 1.2255 during the Asian session, to settle barely above the 1.2300 mark during the American afternoon after being rejected from a high of 1.2324. At time of writing, the cross is quoting at the 1.2310 region, recording a 0.4% gain on Monday.

From a technical view, Fan Yang, analyst at FXTimes notes that a small flag pattern appears to be developing in 1-hour chart amid low volatility. "We should look at the previous consolidation support at 1.2360 as a possible resistance factor. A break above 1.24 however makes the bearish outlook a bit unclear, especially if the RSI also breaches 60".

"If price does stay below 1.2360 (and of course 1.24), and the RSI does stay below 60, we would have a 'negative reversal'", says the analyst. "That is when the RSI high is higher (it already is), but the price high is lower. This suggests we have momentum for at least one more swing lower