EUR/USD continues to make itself at home beneath 1.24

  • The Euro is holding steady within the week's range, lacking motivation.
  • EU inflation disappointed yesterday, and the EUR is dragging a toe heading into Thursday's European session.

The EUR/USD is holding close to Wednesday's ending price, and the pair is still getting comfortable around 1.2380.

EUR/USD analysis: at the upper end of the weekly range

The Euro hasn't been able to make much headway above 1.2380 in April, and the consolidation pattern is continuing to price in. Euro-area inflation data disappointed yesterday, but well-timed weakness in the US Dollar is keeping the EUR afloat at its current levels, but with nothing impactful on the economic calendar for Thursday for the EUR/USD, it'll be up to market appetite to give the Euro a direction to travel.

It's also been a week of EcoFin meetings in Europe, with an International Monetary Fund meeting slated for Friday, and depending on the results of those meetings, traders could have updated expectations from the Eurozone for growth looking forward.

EUR/USD Levels to watch

As FXStreet's Chief Analyst Valeria Bednarik noted, "the pair is at the upper end of its weekly range, but still within familiar ranges and with no signs of clear directional strength. In the short term, and according to the 4 hours chart, the risk is skewed to the upside, as the pair develops above a bullish 20 SMA, which advances above the larger ones, while technical indicators hold within positive territory, albeit the Momentum having lost its upward strength, and the RSI now at 60, well below the peak reached when the price touched 1.2413 earlier this week. The 1.2410/20 region is a key resistance area that should be clearly broken to trigger additional gains ahead, as the pair topped around it multiple times over the last few weeks, and where now is the daily descendant trend line coming from this year high."

Support levels: 1.2370 1.2335 1.2295                                                                     

Resistance levels: 1.2415 1.2445 1.2480


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