FXstreet.com (Córdoba) - Despite weak European data and uncertainty ahead of the central banks announcements, the euro managed to climb to a 4-day high of 1.2329 against the dollar during the New York session.
However, the shared currency failed to hold at those levels and pulled back to mid-range at the 1.2290 zone afterwards. At time of writing, EUR/USD is quoting at 1.2300, still recording a 0.3% gain on the day.
As for technical levels, the 20-hour SMA at the 1.2280 area should offer immediate support, followed by 1.2250/55, daily lows and 100-hour SMA, and the 200-hour SMA around 1.2200.
On the other hand, if EUR/USD manages to clearly break above the 1.2330/40 area, next resistances are seen at 1.2390, Friday's high, and 1.2410. However, trading is expected to remain subdued as investors stay sidelined ahead of the Fed and the ECB decisions.
However, the shared currency failed to hold at those levels and pulled back to mid-range at the 1.2290 zone afterwards. At time of writing, EUR/USD is quoting at 1.2300, still recording a 0.3% gain on the day.
As for technical levels, the 20-hour SMA at the 1.2280 area should offer immediate support, followed by 1.2250/55, daily lows and 100-hour SMA, and the 200-hour SMA around 1.2200.
On the other hand, if EUR/USD manages to clearly break above the 1.2330/40 area, next resistances are seen at 1.2390, Friday's high, and 1.2410. However, trading is expected to remain subdued as investors stay sidelined ahead of the Fed and the ECB decisions.
