EUR/USD Dips to 1.1260 During Asian Trade
After failing to extend its recovery from an intermediate support near 1.1220-15 area, the EUR/USD pair on Tuesday is trading with some minor weakness and is currently trading near 1.1260.
Ahead of the Federal Reserve and Bank of Japan meetings, traders seem to have turned cautious and might be unwilling to take directional bets before the key events risks. Traders, however, are likely to take trading cues from US durable goods orders and consumer confidence data, scheduled for release later today during the US session.
Technical levels to watch
From current levels, drop below 1.1250 round figure is likely to expose last week Friday and Monday lows support near 1.1220-15 area. Sustained weakness below this intermediate support is likely to open room and accelerate moves on the downside.
On the upside, 1.1300 handle remains immediate hurdle to conquer. A clear break-through 1.1300 round figure mark paves way for an immediate up-move towards testing 1.1350-55 resistance area.