EUR/USD Remains Capped Below 1.1400, Awaits Fresh Impetus
The EUR/USD pair
continues to trade around a flat-line amid poor risk environment,
awaiting from the Euro zone industrial figure due tomorrow.
EUR/USD trades below daily R1 at 1.1401
Currently, EUR/USD trades 0.12% higher at 1.1387, easing-off fresh session tops reached at 1.1397 post-European
open. The shared currency trades absolutely directionless in a 15-pips
extremely narrow range against its American counterpart, with EUR/USD
failing every attempt to reclaim 1.14 barrier. Meanwhile, the US dollar
drops further to 94 handle, down -0.21% on the day.
The EUR/USD
pair keeps the bid tone intact and remains confined below 1.14 barrier
as markets remain on the side-lines in absence of economic data from
both continents, which could provide fresh impetus to the major.
Therefore,
focus now shifts towards the Eurozone industrial production figures due
tomorrow and Friday’s US retail sales for further momentum on the pair.
While Thursday’s BOE monetary policy decision and minutes are expected
to have significant impact on the EUR/GBP cross, in turn influencing
EUR/USD.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1432/42 (10-DMA/ 1h 200-SMA). A break beyond the last, doors will open for a test of 1.1471/79 (20-DMA/ May 6 High). On the flip side, the immediate support is placed at 1.1350/33 (psychological levels/ Apr 29 Low) below which at 1.1305/00 (50-DMA/ round number) could be tested.
