Slowly but steadily, the EUR/USD pair advances this Wednesday, trading around a daily high of 1.2548. Data in Europe has been mixes, as the current account of the euro area recorded a surplus of €30.0 billion, but seasonally adjusted production in the construction sector fell by 1.8%, far below expected.
Nevertheless, price is being indifferent to news, trapped in a tight 50 pips rage for the day. Technically, the 4 hours chart shows a slightly positive tone as per price holding above its 20 SMA, albeit indicators stand in neutral territory, giving no clues on upcoming direction. The high around 1.2570 remains as the critical resistance level to overcome to confirm an extension of current upward corrective movement, with 1.2620 and 1.2660 as next intraday resistances and probable targets.
Intraday lows around the 1.2500 figure from this week, suggest price needs to accelerate below the level to gain some bearish track, targeting then 1.2440/60 price zone.
View Live Chart for EUR/USD
Nevertheless, price is being indifferent to news, trapped in a tight 50 pips rage for the day. Technically, the 4 hours chart shows a slightly positive tone as per price holding above its 20 SMA, albeit indicators stand in neutral territory, giving no clues on upcoming direction. The high around 1.2570 remains as the critical resistance level to overcome to confirm an extension of current upward corrective movement, with 1.2620 and 1.2660 as next intraday resistances and probable targets.
Intraday lows around the 1.2500 figure from this week, suggest price needs to accelerate below the level to gain some bearish track, targeting then 1.2440/60 price zone.
View Live Chart for EUR/USD
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