EUR/USD: bulls losing some traction, awaiting more Fed speak

Ross J Burland FXStreet

Currently, EUR/USD is trading at 1.0543, down -0.67% on the day, having posted a daily high at 1.0617 and low at 1.0526.

EUR/USD is falling back from its consolidative window between the rally from 1.0529 and 1.0551 the high for the Us session so far. However, the price is touching base of the 5-minute chart support and is stalling without a catalyst behind the move.

The theme today has been around the US economy, with a miss in expectations in the manufacturing data leading a sell-off in the greenback while the Fed's Harker hardly said anything to rescue the greenback's fate today, with very little for the bulls to get excited about - thus any corrections in the dollar are likely to be limited in the absence of further catalysts. We now await Fed William's speech before the Fed minutes tomorrow.

Federal Reserve's Harker, bullsh and hawkish, dollar drifts

EUR/USD levels

EUR/USD was capped by the 20-day sma at 1.0671 along with the 3-month downtrend at 1.0717. "Our focus remains on recent lows at 1.0352/40. Initial support is last week's low at 1.0521," explained analysts at Commerzbank. Meanwhile, today's aforementioned high was capped just ahead of the 50-d sma at 1.0622.

1. R3 1.0665
2. R2 1.0649
3. R1 1.0637
PP 1.0621
1. S1 1.0525
2. S2 1.0490
3. S3 1.0450

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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