FXstreet.com (Córdoba) - Stagnation has been the theme of this Friday's Asian session; the thin conditions that the market has been facing the last trading days has intensified the last day of the trading week. Most major crosses have traded into narrow channels, directionless, lacking of volume interest and momentum.
EUR/USD moved marginally higher and throughout the session, adding just 20 pips and trading with a high of 1.3255. Currently the pair trades at 1.3249, ahead of the European opening, just 12 pips above its NY closing price.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, recently commented, "Despite not much action is expected over the upcoming hours, pair could offer some interesting opportunities as per recent range: moving inside a bearish channel that shows the roof around 1.3280/90 also strong static resistance area".
"Selling the cross on approaches to that level seems the preferred choice for the upcoming hours, with stops just above 1.3320 price zone that is also strong. Below 1.3210 price should again test this Thursday low, around 1.3160; below this last, 1.3110/30 is next bearish target zone for the cross", she added.
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