Forex: EUR/USD operates without direction

[Ramon Ramirez]

FXstreet.com (San Francisco) - EUR/USD again traded in choppy consolidation mode Thursday, and hit a 7-day high as it traded in range between 1.2230 and 1.2322, finishing the North American session virtually unchanged from its starting price at 1.2278.

The pair seems to be unable to find direction and, as Valeria Bednarik, Chief Analyst at FXstreet.com notes of the 4-hour chart, “a succession of higher lows point for an upward extension, although price needs to break mentioned resistance, to gather enough bullish momentum,” she comments. “At this point, sellers will retake the lead only on a break of the yearly low at 1.2161.”

So far in early Asia, EUR/USD sits unchanged around the 1.2275 area. The analyst identifies at support levels at 1.2250, 1.2230 and 1.2200, while resistance levels lie at 1.2310, 1.2340 and 1.2385

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