EUR/USD drops to fresh lows near 1.0540 ahead of Trump’s presser

Dhwani Mehta FXStreet

The EUR/USD pair ran through fresh offers on European open and dipper to session lows, although the bulls quickly regained control and sent the rate back towards the familiar ranges near 50-DMA, now located at 1.0555.

EUR/USD stuck in range

Currently, the spot trades -0.12% to fresh session lows of 1.0542, having posted a day’s high at 1.0566. A brief phase of upside consolidation seen in the greenback across the board leaves the main currency pair wavering in a narrow range near the mid-point of 1.05 handle, while a lack of fresh fundamental triggers also fails to provide any impetus to the spot.

The major, however, fails to find support from subdued treasury yields and sliding Asian equities, which help boost the sentiment around the funding currency euro. Markets turn cautious and refrain from placing any directional bet on EUR/USD, as the upcoming Trump’s press conference may stir huge volatility across the financial markets, having significant impact on the USD price-action for the upcoming months.

Forex Today: All eyes on Trump’s news conference

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0577 (daily pivot). A break beyond the last, doors will open for a test of 1.0600 (zero figure) and from there to 1.0654 (Dec 30 high). On the flip side, the immediate support is placed at 1.0523 (10-DMA) below which 1.0500 (round number) and 1.0486 (20-DMA) could be tested.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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