EUR/USD: Bullish has no traction

EUR/USD is holding above the 1.0800 figure, but unable to extend gains. Valeria Bednarik, Chief Analyst at FXStreet, analyzes the pair from a technical perspective.

Key quotes

“The EUR/USD pair has erased its extreme oversold conditions but was unable to run beyond the 23.6% retracement of its latest daily slump at 1.0850.”

“In the 4-hour chart, the pair is holding above its 20 SMA but remains below the larger ones, which head sharply lower.” 

“Technical indicators are posting modest recoveries from their midlines, holding within positive levels although without enough strength to confirm a bullish continuation. The pair would need to extend its gains beyond 1.0861, the high from last Friday, to gain bullish traction.”