EUR/USD sidelined around 1.1360, focused on trade

The pair navigates the lower bound of the weekly range.
The greenback follows suit, near 96.30 tracked by the DXY.
Consolidation is seen to persist ahead of ECB meeting tomorrow.

Pablo Piovano FXStreet

EUR/USD is prolonging the consolidative note in the mid-1.1300s for the time being, in a context of low volatility and rising cautiousness ahead of the ECB event on Thursday.

EUR/USD looks to trade, data

Spot meanders in the 1.1350/60 band early in the European morning amidst the re-emergence of concerns over the progress in the US-China trade dispute, all ahead of the upcoming meeting between US and Chinese officials on January 30-31 in Washington.

In addition, price action around the shared currency stays subdued so far as investors continue to anticipate a cautious/dovish message from the ECB at its meeting tomorrow.

In today’s docket, the European Commission will publish its advanced gauge of the Consumer Confidence in the region for the current month.

What to look for around EUR/USD

As we mentioned, EUR is expected to remain under scrutiny ahead of the ECB meeting due on Thursday, where attention will be on the Council’s views on the ongoing slowdown in the euro bloc. Additionally, US-China trade talks have come to the fore once again, whereas in the longer run, fundamentals in the region should remain in centre stage along with the upcoming EU parliamentary elections (May), Italian politics and French social unrest.

EUR/USD levels to watch

At the moment, the pair is up 0.06% at 1.1366 and a break above 1.1379 (55-day SMA) would target 1.1416 (21-day SMA) en route to 1.1442 (38.2% Fibo of the September-November drop). On the downside, the next support emerges at 1.1336 (low Jan.22) followed by 1.1323 (200-week SMA) and finally 1.1306 (2019 low Jan.3).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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