EUR/USD: Dudley backs Yellen
|EUR/USD Current price: 1.1182
The EUR/USD pair eased modestly, now trading in the 1.1180 region, after consolidating within a tight range ever since the day started, with the dollar getting a small boost from Fed's Dudley, backing Yellen's latest hawkish stance. The EU released a minor construction report for April early today, showing that the sector grew 3.2% yearly basis, in line with average growth, but below previous. Fed's Evans will offer a speech later today, but beyond that, the macroeconomic calendar has nothing to offer today.
The pair is still neutral in intraday charts, although the upward potential seems well limited in the 4 hours chart, by a horizontal 100 SMA around the 1.1220 region , as the price has pressured multiple times over the last few days, but was unable to break higher. In the same chart, the price is now struggling around a marginally bearish 20 SMA, while technical indicators hover within negative territory, with the RSI gaining bearish traction around 46, somehow favoring a downward move for the upcoming hours.
Support levels: 1.1160 1.1110 1.1075
Resistance levels: 1.1220 1.1260 1.1300
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