EUR/USD Current price: 1.2258
- The EUR/USD pair can't attract investors ahead of the ECB meeting.
- US minor data to be released today to have little effect on the pair.
The EUR/USD pair continues trading uneventfully and within a well limited range ahead of Wall Street's opening, unable to find direction since the end of the last week, as investors turned cautious ahead of the upcoming ECB's monetary policy meeting this Thursday. The pair is unchanged daily basis for the second day in-a-row, with the ongoing quietness exacerbated by a scarce macroeconomic calendar. Earlier today, Germany released its ZEW survey which showed that economic sentiment continues to improve in the country and the Union, with the index coming at 95.2 and 31.8 respectively, surpassing market's forecasts. The figures were just enough to push the pair off its daily low of 1.2222. The greenback weakens ahead of the release of the Richmond Fed Manufacturing Index and EU Consumer Confidence, while Wall Street is expected to open marginally higher, after a strong rally in European indexes.
In the meantime, the short-term technical picture is still neutral, given that in the 4 hours chart, the pair continues moving back and forth around a horizontal 20 SMA, while technical indicators have now turned marginally higher but are still stuck to their mid-lines. Resistances from here come at 1.2280 and 1.2322, while relevant supports come at 1.2200 and 1.2165, with a break of the extremes unlikely for today.
Support levels: 1.2230 1.2200 1.2165
Resistance levels: 1.2280 1.2320 1.2355
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
AUD/USD favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold aiming to re-conquer the $2,400 level
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
Bitcoin price defends $60K as whales hold onto their BTC despite market dip
Bitcoin (BTC) price still has traders and investors at the edge of their seats as it slides further away from its all-time high (ATH) of $73,777. Some call it a shakeout meant to dispel the weak hands, while others see it as a buying opportunity.
Friday's Silver selloff may have actually been great news for silver bulls!
Silver endured a significant selloff last Friday. Was this another step forward in the bull market? This may seem counterintuitive, but GoldMoney founder James Turk thinks it was a positive sign for silver bulls.