EUR/USD remains capped near 1.0650 ahead of Europe open

Dhwani Mehta FXStreet

The shared currency wipes out gains and trades muted against its American counterpart in early Europe, keeping EUR/USD capped below the mid-point of 1.06 handle.

The major trades quite choppy, although remains confined within a 15-pips narrow range, as markets await the European open for fresh impetus on the prices. The European traders will return to markets after a 4-day Easter holiday break, and play a catch-up with the recent developments, especially on the political space.

More so, subdued trading activity seen around the US dollar versus its main peers, after the upmove seen in the US last session, also collaborates to the lack-luster trading seen in EUR/USD.

Looking ahead, focus remains on a slew of US macro updates lined up for release in the NA session, in absence of economic news from the Euroland. Also, latest polls’ results on the French election are closely eyed for any impact on the Euro, as we remain just few days away from the first round of the binary event scheduled this Sunday.

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0674 (Monday’s high), 1.0687/90 (Apr 6 & 5 high) and finally 1.0715 (March 13 high). On the flip side, the spot finds next support at 1.00600/00 (Monday’s low/ round number), a break below that level could open the door to 1.0568 (multi-month lows) and 1.0500 (key support).

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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