EUR/USD: Dudley backs Yellen

Valeria Bednarik FXStreet

EUR/USD Current price: 1.1182

The EUR/USD pair eased modestly, now trading in the 1.1180 region, after consolidating within a tight range ever since the day started, with the dollar getting a small boost from Fed's Dudley, backing Yellen's latest hawkish stance. The EU released a minor construction report for April early today, showing that the sector grew 3.2% yearly basis, in line with average growth, but below previous. Fed's Evans will offer a speech later today, but beyond that, the macroeconomic calendar has nothing to offer today.

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The pair is still neutral in intraday charts, although the upward potential seems well limited in the 4 hours chart, by a horizontal 100 SMA around the 1.1220 region , as the price has pressured multiple times over the last few days, but was unable to break higher. In the same chart, the price is now struggling around a marginally bearish 20 SMA, while technical indicators hover within negative territory, with the RSI gaining bearish traction around 46, somehow favoring a downward move for the upcoming hours.

Support levels: 1.1160 1.1110 1.1075

Resistance levels: 1.1220 1.1260 1.1300

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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