EUR/USD: short term bearish, critical support at 1.1075

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.

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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

View Live Chart for the EUR/USD

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