EUR/USD consolidates above the mid-1.0500 level
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The EUR/USD pair struggled to capitalize on the previous day's gains from just below the psychological 1.0500 mark or a new eight-month low and fluctuated in a tight range during the Asian session on Friday .
A strong recovery from the lowest daily close of the year so far has improved the outlook for the Euro, although the overall bias remains bearish. A recovery rally is likely to extend to the 1.0700 level without interrupting the bearish trend.
The EUR/USD pair struggled to capitalize on the previous day's gains from just below the psychological 1.0500 mark or a new eight-month low and fluctuated in a tight range during the Asian session on Friday .
A strong recovery from the lowest daily close of the year so far has improved the outlook for the Euro, although the overall bias remains bearish. A recovery rally is likely to extend to the 1.0700 level without interrupting the bearish trend.
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Today, the EUR/USD pair is struggling to find any meaningful upside momentum on the first day of the new week and is trading in a tight range around 1.0500 during the Asian session.
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