EUR/USD Technical Analysis: Clings to gains above 1.1600 handle post-US CPI, Draghi in focus
|• The pair built on overnight bullish move beyond a short-term descending trend-line hurdle but remained within a broader trading range held over the past two weeks.
• Unimpressive ECB monetary policy statement did little to provide any impetus, though the up-move was supported by softer US CPI figures for the month of August.
• Neutral Technical indicators on the 4-hourly chart have failed to support any firm directional bias, suggesting an extension of the range-bound trading action.
• Hence, it would be prudent to wait for a decisive break through the broader trading range before investors start positioning for the pair's next leg of directional move.
Spot Rate: 1.1645
Daily Low: 1.1609
Trend: Range-bound
Resistance
R1: 1.1660 (top end of the trading range)
R2: 1.1700 (round figure mark)
R3: 1.1741 (R3 daily pivot-point)
Support
S1: 1.1580 (S1 daily pivot-point)
S2: 1.1550 (horizontal zone)
S3: 1.1526 (Sept. 10 swing low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.