EUR/USD finds support once again near 1.0710, ECB in focus

Dhwani Mehta FXStreet

The EUR/USD pair oscillates back and forth in 20-pips narrow range so far this session, with the daily pivot located at 1.0734 still acting as a strong upside barrier.

EUR/USD back to test daily pivot?

Currently, EUR/USD now returns to the green zone to trade around 1.0725 levels, looking to re-test daily high reached previously at 1.0733. The main currency pair extends its range-play in Europe, with investors turning onto sidelines ahead of the main risk event for the euro this week, the ECB policy decision.

Moreover, lack-luster trading activity seen around the greenback across the board, also leaves the major directionless, although manages to keep 1.07 handle. Next of note for the major remains the US JOLTS job opening data due later in the NA session, with markets expecting virtually no reaction on the data release.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0798 (3-week highs). A break beyond the last, doors will open for a test of 1.0817 (Nov 15 high) and from there to 1.0850 (psychological levels). On the flip side, the immediate support is placed at 1.0700 (round number) below which 1.0685 (5-DMA) and 1.0657/37 (10 & 20-DMA) could be tested.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0628

38% Bullish
62% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 1.0692

50% Bullish
33% Bearish
17% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.0662

45% Bullish
50% Bearish
5% Sideways

Bias Bearish

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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