The EUR/USD trades in a tight range this Tuesday, having been as low as 1.2249 early Europe on worse than expected numbers: unemployment reached 11.2% a record high for the area, while German Retail Sales sunk to -0.1%. The pair however, bounced higher after Italian upper house approved the spending cuts proposed by the government, reaching so far 1.2302. From a technical point of view, nothing changed over the past 24 hours: the 1.2210/1.2340 range holds in place ahead of central banks economic decisions, later this week, and unless a clear break of such extremes, the pair will remain directionless. In the 4 hours chart, indicators are flat in neutral territory, although 20 SMA holds its bullish slope and price aims to break above it at the time being: steady gains above 1.2300 will probably encourage buyers, with a break of 1.2340 resistance opening doors for a test of the 1.2390 high set on Friday.
Immediate support comes at 1.2250 area, while only below 1.2210 the sellers will be in control and the pair may find room to fall towards the 1.2150/60 price zone.View Live Chart for EUR/USD