FXstreet.com (Barcelona) - After rising from 1.4350 in the early Asian session to hit intra-day high at 1.4395, MA200 hourly chart, the EUR/USD has been trading in a narrow range between 1.4370 and 1.4395, just below 1.4400 level. Currently the pair is trading around 1.4380, 0.5% below today's opening price action at 1.4390.
EUR/USD has opened today's session with gains after two positive weeks and the pair has risen around 200 pips from December 22 low at 1.4215 to reach 1.4415 on December 24. Currently the pair is trading in consolidation mode below MA200 periods in hourly chart.
Tomas Cedavicius, analyst at Investija.com, says: EURUSD has formed a low trading range between support at 1.4246 and resistance at 1.4396. A breakout of resistance barrier can initiate a major trend reversal. Above resistance, bears are in danger. However, while 1.4396 price level stays active, bears are looking for another rebound back to support barrier.
The Forex.com Research Desk affirms: EUR/USD opened near the 1.4390 level, about 20 pips higher than Friday's close, and after meandering in a 40 or so pip range, closed the day out at the same levels. Most other majors looked to close out the day at levels close to opening rates.