EUR/USD holds above 1.24 handle amid subdued trading action
| • Lacks any firm directional bias amid holiday-thinned trade.
• Investors refrain from placing bets ahead of FOMC/ECB minutes.
The EUR/USD pair extended its consolidative price action through the mid-European session and seesawed between tepid gains/minor losses within a narrow trading range.
The pair initially rose to an intraday high level of 1.2435 and then fell to sub-1.2400 level before quickly rebound back to the 1.2415-20 region. Despite a good two-way move, the pair lacked any firm directional bias amid a subdued US Dollar demand.
Meanwhile, holiday-thinned trading conditions also seemed to hold traders back from placing any aggressive bets. Moreover, investors also preferred to stay on the sidelines ahead of this week's key event risks, including the FOMC and ECB monetary policy meeting minutes, due for release on Wednesday and Thursday respectively.
Trading volumes are expected to remain below normal on the back of the Presidents Day holiday on Monday and hence, the pair seems more likely to continue with its range-bound price action.
Technical levels to watch
Immediate resistance is pegged near the 1.2440-50 region, above which the pair seems more likely to aim towards reclaiming the key 1.2500 psychological mark. On the flip side, a decisive break below the 1.2400 handle might now turn the pair vulnerable to break below 1.2370 intermediate support and head towards challenging the 1.2300 handle.
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