EUR/USD stuck in 15-pips tight range above 1.1100
|The bulls are seen defending 1.11 handle so far this session, with renewed weakness behind the US dollar keeping the bid tone intact in EUR/USD.
EUR/USD supported at 1.1100
The EUR/USD pair moves back and forth in a tight range amid subdued trading activity around the greenback versus its main competitors, as investors digest latest headlines on Trump’s budget proposal.
The spot struggles to take-out 1.1115 resistance, as higher treasury yields amid risk reset continue to keep a check on upside. The benchmark 10-year treasury yields flirt with daily tops of 2.240%, up +0.30% on the day.
Attention now turns towards the fundamentals, with the German PPI and Eurozone current account data due on the cards ahead of a data-quiet US docket.
EUR/USD Technical Levels
Karen Jones, analyst at Commerzbank notes: “EUR/USD’s near term is over-stretched: The Euro high at 1.1174 has not been confirmed by the daily RSI and when we couple this with the 13 count on the 240 minute chart, we suspect that we will see a near term dip lower, which is expected to hold over the near term uptrend at 1.0918. Beyond this the market has potential to reach the 1.1300 November 2016 high and highs from mid-2016 circa 1.1400, however we believe it will struggle here form a longer term perspective. Immediate resistance is the 1.1200/23.6% retracement of the entire move down from the 2014 peak at 1.3995.”
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