EUR/USD to fluctuate between key technical levels

Following last week’s rebound, EUR/USD seems to have settled above 1.1300 on Monday. According to FXStrteet’s Eren Sengezer, it would be surprising to see the pair make a decisive move in either direction.

Several key supports limit euro’s downside

“The Relative Strength Index (RSI) indicator on the four-hour chart is moving sideways near 50, punctuating the pair’s indecisiveness in the near-term.”

“Key support area seems to have formed near 1.1300, where the 200-period SMA, 100-period SMA and the 50-period SMA meet. In case a four-hour candle closes below that support, additional losses toward 1.1270 (static level) could be witnessed.”

“1.1340 (static level) aligns as first resistance before 1.1360 (post-ECB high on December 16).”