The EUR/USD pair is trading steadily around 1.1100, having meet buying interest during Asian hours on a dip down to 1.1082. The dollar however, trades generally higher against its major rivals, with the exception of the Japanese Yen, as stocks turned south, with European indexes gapping lower at the opening.
There's little scheduled in Europe, with the EU quarterly employment data scheduled for today. But the US session will bring American Retail Sales and PPI figures for February. Expectations are that Retail Sales have decreased by 0.1% during the month, whist inflation at producer level is also expected to have contracted into negative territory, neither a good news ahead of the FED.
View the Live chart of the EUR/USD
Anyway, and with the pair holding on to gains, the downside remains limited for the pair, due to broad dollar's weakness, something the FED may revert tomorrow if they announce a rate hike for June. As for the short term, the 4 hours chart shows that the price is unable to recover above a bullish 20 SMA, rather reflecting the lack of upward momentum than suggesting a bearish move. In the same chart, the Momentum indicator heads higher, but below its 100 level, while the RSI indicator holds neutral around 53, also in line with the ongoing range.
The immediate resistance stands at 1.1120, which means an acceleration through it, is required to confirm additional gains, with 1.1160 and 1.1200 being the next intraday targets. Below 1.1065, the 38.2% retracement of the post-ECB rally, the risk turns towards the downside, with speculators then eyeing a retest of the 1.1000 level.
Latest updates on the EUR/USD Forecast
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