- EUR/USD is currently capped at the 1.1600 as bulls are trying to break the level to the upside.
- EUR/USD is taking its cues mainly from the US Dollar on data-light Wednesday.
The single currency is mostly trading sideways on Wednesday as EUR/USD is oscillating between the 1.1536 and the 1.6010 levels.
On data-light Wednesday EUR/USD is mainly taking its cues from technical trading and the development from the US-China trade war.
Earlier in the day, ECB (European Central Bank)’s President Mario Draghi and the Federal Reserve Bank’s Chairman Jerome Powell shared a discussion panel the at the ECB (European Central Bank) Forum in Sintra, Portugal. However the forum had no major impact on the currency pair. It is worth remembering that ECB’s President Mario Draghi said last Tuesday that the ECB will remain patient and prudent in regards to when will start the next hiking cycle which is potentially bearish for EUR.
Meanwhile, the US Dollar Index which gauges the strength of the greenback versus a basket of currencies is trading sideways finding support at 95.00 at the time of writing.
EUR/USD 15-minute chart
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EUR/USD is currently trapped in a tight trading range between 1.550 and 1.1600. A breakout above 1.1600 could lead to a test of 1.1650 while a strong breakout below the 1.1550 can lead to a retest of 1.1510, current 2018 low.
Spot rate: 1.1586
Relative change: 0.00%
High: 1.1601
Low: 1.1536
Trend: Neutral
Resistance 1: 1.1600 figure
Resistance 2: 1.1645 June 19 high
Resistance 3: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1550 figure
Support 2: 1.1510, current 2018 low
Support 3: 1.1400 figure
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