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Forex: EUR/USD recovery capped at 1.2950

By FXstreet.com,  May 11, 2012, 11:41:00 AM EDT

FXstreet.com (San Francisco) - After bottoming at 1.2905 in the European session and trying to recover ground in the last few hours, the EUR/USD has been unable to break up the 1.2950 resistance and the pair has retreated to 1.2935.

Currently the pair is pricing at 1.2935, just at the same opening price zone. Pair seems to be "Slightly Bullish" and "Overbought" according to the FXstreet.com Technical Studies.

EUR/USD would face resistance at 1.2970, ahead of 1.3003 and 1.3027, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 1.2913, before 1.2889 and 1.2856.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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