EUR/USD: waiting extends, upside limited
|EUR/USD Current price: 1.1167
The EUR/USD pair shows no signs of life this Thursday, hovering around the 1.1160 level ever since the day started. Wednesday's shallow advance saw no follow-through, with volumes at their minimum around the pair. One of the reasons for the pair to be unattractive these days is the absence of macroeconomic data, but a bigger one is that investors have no clues on what to do with the greenback, now that the Fed maintains its hawkish stance, in spite of softer data. Also, and partially holding back the common currency are Brexit jitters, with negotiations having kick started with an extremely moderate tone this week. Anyway, and ahead of Wall Street's opening, softer-than-expected US initial jobless claims limit demand for the greenback. Claims for the week ended June 16th came in at 241K against previous 238K and the expected 240K.
Technically, the pair remains neutral intraday, with the 4 hours chart showing indicators flat around their mid-lines and the price holding a few pips above a bearish 20 SMA. Overall, the upward potential remains limited, although an advance beyond the daily high of 1.1177 could see the pair recovering up to 1.1220, where selling interest will likely cap the rally.
Support levels: 1.1120 1.1075 1.1030
Resistance levels: 1.1180 1.1220 1.1260
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