FXstreet.com (Barcelona) - The EUR/USD is currently trading in the 1.4045 range at the moment of publication after having previously overcome a drop to a low not see since July 2009 at 1.4201. The pair then rebounded to 1.4068, where it was rejected to edge downward once more to flirt with setting a new multi-month low at 1.4027 before settling into its current sideways movement.

The EUR/USD has a bearish outlook, according to Valeria Bednarik, FXstreet.com independent analyst.

Bias remains bearish in the pair [...] having set a fresh intraday low of 1.4021, that's the first support area to consider, says Bednarik. Hourly indicators support the bias, while price keeps moving under a bearish 20 SMA. 4 hours charts had lost past of the strength, yet remain also to the downside, favoring further rallies.