EUR/USD remains capped by 200-day SMA

Ani Salama FXStreet

FXStreet (Córdoba) -The EUR/USD made another recovery attempt at the beginning of the European session and retested daily highs, but it was once again capped by the 1.3635/40 area, leaving the euro vulnerable near 2-month lows.

The EUR/USD found resistance at a high 1.3637 and slid to fresh daily lows at 1.3624 in recent dealings. The EUR/USD however, continues to consolidate in a narrow range Wednesday, showing lack of determination to extend a move either side of the board, as investors await German unemployment figures and Eurozone confidence data.

EUR/USD vulnerable ahead of ECB decision next week

The EUR/USD remains vulnerable, having hit a 2 ½-month low of 1.3611 Tuesday. The shared currency has been under broad pressure lately after Draghi said the bank was comfortable with ease further next month. However, this has been largely priced in, leaving room for disappointment when the ECB meets next week.

EUR/USD technical levels

At time of writing, the EUR/USD is trading at 1.3630, virtually unchanged on the day, with immediate resistances seen at 1.3637 (May 28 high/200-day SMA), 1.3668 (May 27 high/10-day SMA) and 1.3687 (May 22 high) ahead of 1.3700 (psychological level).

On the other hand, supports could be found at 1.3624 (May 28 low), 1.3611 (May 27 low) and 1.3600 (psychological level).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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