EUR/USD Current price: 1.1154
The EUR/USD pair can't find a catalyst this Tuesday, trading within a well limited 30 pips range ever since the day started. Minor EU macroeconomic releases seen today were mostly disappointing, as German PPI edged lower in May, down by 0.2% from a 0.4% advance in April, and up 2.8% yearly basis from previous 3.4%, with both numbers missing market's expectations. In the EU, the current account recorded a surplus of €22.2 billion in April, down from previous €35.57B. The US current account for the first quarter of this year came in better than expected, with a deficit of $116.8B, while previous quarter deficit was revised higher, to $114.0B. Fed's Kaplan will hit the wires later today, but there are no other news scheduled for today.
Technically, the pair is neutral, although near the lower end of the range that persisted for the last four weeks, somehow increasing chances of a bearish move, at least short term. In the 4 hours chart, the price holds above a bullish 200 SMA, but is also contained by a bearish 20 SMA, whilst technical indicators present modest downward slopes within negative territory, hardly enough to suggest a bearish extension. The immediate support comes at 1.1110, with a stronger one at 1.1075, the base of the mentioned range and the level to surpass to confirm additional declines ahead.
Support levels: 1.1110 1.1075 1.1030
Resistance levels: 1.1170 1.1220 1.1260
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