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FXstreet.com (San Francisco) - EUR/USD holds a slight bear tone in early Asia, as it hovers virtually unchanged within a tight 10-pip range above the 1.2280 mark.

From Valeria Bednarik, Chief Analyst at FXstreet.com: "Watch for a break of 1.2250 support to confirm a downward extension although buyers will likely be aligned around 1.2200/20 and more near 1.2160 price zone."

The analyst also notes that technical indicators on the 1-hour chart give "no clues on direction" for current Asian session, while the bearish outlook "prevails" on the 4-hour chart.

"With both economies in trouble, still Euro seems much weaker than the greenback," says Ms. Bednarik. As Marc Chandler, Global Head of Currency Strategy explains: "The economic data in the coming days, especially the July retail sales, industrial production and the August Philly and Empire State Fed surveys, will likely show that there has been no further slowing of the US economy."

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