EUR/USD Range-trade below 1.1300 extends in early Europe

Dhwani Mehta FXStreet

The EUR/USD pair stalled its steady recovery path just ahead of 5-DMA located at 1.1292 at Tokyo open, and from there continues to trade in a flat-line below 5-DMA.

EUR/USD eyes Jackson Hole for fresh direction

Currently, EUR/USD trades +0.07% higher at 1.1290, having found strong support at 1.1280. The main currency pair traded comatose almost throughout the Asian trades, and now extends the range-play into the early European trading, as markets refrain from creating fresh positions in the major ahead of the highly influential event for today, Yellen’s speech.

The EUR/USD pair, although manages to find some support from lower Asian equities, which underpins the funding currency euro, while the corrective rally fails to gather momentum in absence of fresh fundamental triggers.

Focus shifts to the US GDP report due to be published in the NA session, while the major remains at the mercy of the Fed Chair Yellen’s remarks.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1300 (round number). A break beyond the last, doors will open for a test of 1.1367 (post-Brexit high). On the flip side, the immediate support is placed at 1.1257/50/46 (daily S1/ psychological levels) below which 1.1217/00 (20 & 100-DMA) could be tested.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.1362

50% Bullish
30% Bearish
20% Sideways

Bias Bullish

1 Month

Avg Forecast 1.1191

25% Bullish
56% Bearish
19% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0989

11% Bullish
79% Bearish
11% 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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