EUR/USD looks anaemic around 1.1240 amidst marginal volatility

EUR/USD keeps navigating the lower end of the recent range near 1.1240 following last week’s rejection from above 1.1300 the figure. With most European markets closed due to Easter Monday, the immediate focus is now on the US existing homes sales data for fresh impetus.

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EUR/USD is trading in a narrow range around 1.1300 as the long Easter weekend approaches. The pair enjoys substantial support. Can it rally?

The Technical Confluences Indicator shows that the round number of 1.1300 is a dense cluster of lines including the Simple Moving Average 5-1h, the Fibonacci 61.8% one-day, the SMA 10-15m, the SMA 10-1h, the SMA 10-4h, the SMA 50-1h, the SMA 5-4h, the SMA 50-1d, the Bollinger Band 1h-Middle, and more.

More significant support awaits at 1.1282 where we see the convergence of the previous daily low, the Fibonacci 38.2% one-month, the SMA 200-1h, the Fibonacci 38.2% one-week, the BB 4h-Lower, and the SMA 5-1d.

The initial upside target is 1.1347 where the Fibonacci 61.8% one-month, the Pivot Point one-week R1, the BB 1d-Upper, and the SMA 100-1d.

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