EUR/USD analysis: bulls cautious on approaches to 1.2400

Valeria Bednarik FXStreet

EUR/USD Current price: 1.2389

Mixed US data had a mute effect on the pair, manufacturing figures surprise to the upside.
Technical picture neutral as long as the pair holds inside the daily triangle.

Beyond the early slide, the EUR/USD pair has seen little action through the European session, confined to a tight 20 pips range around the 1.2360 region. The pair flirted again with the 1.2400 level at the beginning of the day, but bulls prefer to take profits out of the table rather than pushing it higher, as the latest macroeconomic figures coming from the EU were sort of disappointing, and reaffirming ECB's stance of maintaining QE in place.

US data just released had no effect on the pair, with weekly unemployment claims printing 232K for the week ended April 13th, slightly worse-than-expected, although the Philadelphia manufacturing index for April surprised to the upside, up to 23.2 from a previous 22.3 and the expected 20.1.

With just a couple of Fed's speakers ahead, the pair trades at the upper end of its weekly range but with technical indicators maintaining a neutral stance intraday. The pair is developing inside a symmetrical triangle coming from early February, with the trend line that represents the top of the figure currently in the 1.2410/20 region, providing an immediate resistance. However, the pair has reached and retreated from that area multiple times over the last few weeks. A stronger resistance comes at 1.2480 with a break above it increasing chances of further gains ahead.

Support levels: 1.2335 1.2290 1.2250

Resistance levels: 1.2415 1.2445 1.2480

View Live Chart for the EUR/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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