EUR/USD Retraces from High but Holds Above 1.1300 Mark
The EUR/USD
pair witnessed a sudden spike to 1.1333 before retracing back to 1.1300
mark, holding with some minor gains in a range-bound trade.
Investors
continue to avoid taking new positions ahead of the key monetary policy
decision from the Fed on Wednesday and BoJ on Thursday.
Technical levels to watch
The
pair continues to struggle in sustaining its strength above 1.1315
resistance area, marking 23.6% Fibonacci retracement level of
1.0830-1.1465 up-move. Hence, a sustained momentum above this key
resistance now seems to assist the pair to surpass an intermediate
resistance near 1.1355-60 area and aim towards retesting a very
important resistance near 1.1400 round figure mark, which the pair
hasn't been able to decisively conquer since the beginning of this
month.
On the downside, dip below 1.1300 mark would be eyed for a
weakness towards 1.1285-80 support ahead of 38.2% Fibonacci retracement
level support near 1.1220-15 area. A clear break below 1.1220-15
support now seems to open room for further depreciating move in the
near-term.
