EUR/USD: nearing critical 1.1490 level

EUR/USD Current price: 1.1470

The EUR/USD pair trades within a limited intraday range, but maintaining its bullish tone, recovering its early losses after the release of the  NY Empire State manufacturing index, down to 9.8 from previous 19.8 and the expected 15.0, indicating that business activity only grew modestly in the month.  Earlier on the day, June EU inflation came in-line with market's expectations, flat on the month, and up by 1.3% YoY. The pair bounced from a daily low of 1.1434, achieved due to limited activity rather than on surging dollar's demand. The macroeconomic calendar will be quite busy during the week, but there are no major announcements for this Monday.

In the meantime, the short term picture is now favoring the upside, with the 4 hours chart showing that the price recovered from a flat 20 SMA, and that indicators turned north above their mid-lines. Nevertheless, the pair is trapped within a strong resistance region between 1.1460 and 1.1490, and would take a clear break above this last to confirm further gains ahead.

Support levels: 1.1430 1.1400 1.1355

Resistance levels 1.1490 1.1525 1.1550

View Live Chart for the EUR/USD

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