The single currency starts the week on the defensive vs. the greenback following two consecutive sessions with gains as the EUR/USD pair extends the rangebound trading above 1.2100. Extra consolidation looks likely, according to FXStreet’s Pablo Piovano. Key quotes “The progress of the coronavirus pandemic along with the vaccine rollout and the upcoming debate on the stimulus package by US policymakers (due later in the week) are seen the main drivers of the pair’s price action at least in the short-term horizon.” “The inability of bulls to push EUR/USD past recent tops in the vicinity of 1.2200 has sparked the ongoing consolidation with the lower bound of the range in the mid-1.2000s, or YTD lows. This idea is reinforced by the RSI navigating the proximity of the 50 level. A sustainable move beyond this area should pave the way for a test of the so far yearly peaks around 1.2350.” “The 2021 lows near 1.2050 are expected to hold bouts of selling pressure. Further south of this level carries the potential to trigger a deeper pullback to, initially, the Fibo retracement (of the November-January rally) at 1.1976.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CNH: Downside momentum improves further – UOB FX Street 1 year The single currency starts the week on the defensive vs. the greenback following two consecutive sessions with gains as the EUR/USD pair extends the rangebound trading above 1.2100. Extra consolidation looks likely, according to FXStreet’s Pablo Piovano. Key quotes “The progress of the coronavirus pandemic along with the vaccine rollout and the upcoming debate on the stimulus package by US policymakers (due later in the week) are seen the main drivers of the pair’s price action at least in the short-term horizon.” “The inability of bulls to push EUR/USD past recent tops in the vicinity of 1.2200 has sparked the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
