EUR/USD Consolidating the Downside, Around 1.1260
The EUR/USD
pair is seen moving back and forth in a 20-pips tight range in the
Asian trades so far, keeping range near fresh two-week lows reached the
day earlier.
EUR/USD downside capped by 1.1250
Currently,
EUR/USD trades modestly flat at 1.1260, eyeing for a retest of fresh
two-week lows reached at 1.1234 on Thursday. The main currency pair
keeps its side-ways movement intact as we head into early Europe, with
the traders largely unperturbed by upbeat Chinese fundamentals news,
including in-line with expectations GDP figures.
Moreover, the
downside remains capped by the mid-point of 1.12 handle as the USD bulls
stalled the recent upsurge and awaits the industrial production and
consumer sentiment data for fresh direction. The USD index trades dead
flat at 94.94, retreating from two-week highs reached at 95.21.
For
the EUR, the macro calendar remains light, with the only second-liner
data in the Euro zone trade balance lined up for release later today.
EUR/USD Technical Levels
In
terms of technicals, the pair finds the immediate resistance at
1.1295/1.1300 (Apr 14 High/ round number). A break beyond the last,
doors will open for a test of 1.1356/63 (10-DMA/ 1h 200-SMA). On the
flip side, the immediate support is placed at 1.1234/33 (daily low &
S1) below which at 1.1200/1.1180 (psychological levels/ 50-DMA) could
be tested.
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