EUR/USD Keeps Range Below 5-DMA ahead of EZ Data
Having faced rejection at 5-DMA, the EUR/USD pair turned slightly lower and now consolidates in a slim range above 1.1310 region.
EUR/USD awaits fresh impetus from EZ, US data
Currently, EUR/USD trades modestly flat at 1.1315, managing to hold
above 1.13 handle. The main currency pair trades directionless in a
narrow range amid a lack of fundamental triggers, as all eyes now remain
on the US macro releases for next direction on the prices.
Moreover, the major also stood resilient to the EUR/GBP cross-driven
weakness and rather takes advantage of a broad based US dollar retreat.
EUR/GBP fell sharply this session as the pound strengthened after the
latest Brexit poll result showed 55% votes in favour of remain.
Data-wise, markets look forward to the trade balance data from the
Euroland ahead of the US inflation, industrial output and housing data
lined up for release in the NA session.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at
1.1343/50 (May 16 High/ psychological levels). A break beyond the last,
doors will open for a test of 1.1400 (round number). On the flip side,
the immediate support is placed at 1.1300 (key support) below which at
1.1281/71 (May 13 & Apr 29 Low) could be tested.
