EUR/USD trims losses but remains under 1.1400

EUR/USD bounced to the upside, as the US dollar trimmed gains across the board. The recovery of the euro was capped below 1.1400 and it continues to hold a bearish intraday tone.

Still below the 20 hour MA

The pair bottomed during the American session at 1.1345, the lowest level since last Thursday. Afterwards, it rebounded and climbed to 1.1400. Currently, it trades at 1.1385, less than 30 pips below yesterday’s closing price.

The recovery from the lows was capped by 1.1400 and it stopped before the 20-hour moving average that stands at 1.1405. If the euro rises and consolidates on top of 1.1405 it could gain momentum

EUR/USD still in ranges

Earlier the EUR/USD hit a 6-month high at 1.1464 before falling back under 1.1400. Despite trading above 1.1450, the pair continues to move in a wide range sideways between 1.1330 and 1.1450.