EUR/USD – Stuck in a 40-pip Range Ahead of US GDP
EUR/USD has been confined largely to a 40-pip range of 1.1150-1.1190 since yesterday amid holiday thinned trade ahead of the final US Q4 GDP release.
Eyes hourly 50-MA
Within the trading range, the pair is now eyeing the hourly 50-MA hurdle seen at 1.1173. Prices have failed to cut through hourly 50-MA hurdle since early part of this week as Fed policymakers hit the wires with hawkish comments.
Thin volumes and low volatility are here to stay, given the European desks are closed for the day. Later in the day, US desks may move the pair after the US final Q4 GDP release.
EUR/USD Technical Levels
The spot currently trades around 1.1165 with acceptance above immediate hurdle of hourly 50-MA 1.1173 hinting at a possible rise to 1.1190 (upper end of the range), followed by 1.1205 (hourly 100-MA + hourly 200-MA). On the lower side, breach of 1.1.1144 (previous day’s low) would expose 1.1115 (50% of 1.1714-1.0517) and 1.1088 (50% of 1.0463-1.1714).
(Market News Provided by FXstreet)
