EUR/USD keeps gyrating around yesterday’s close near 1.0880 amidst a broad-based lack of direction in the global markets.
EUR/USD supported near 1.0860
Spot remains on the firm fashion so far this week, advancing marginally within a narrow range delimited by 1.0860 and the 1.0900 neighbourhood.
Better-than-expected results from advanced PMIs on Monday plus today’s positive surprise from October’s German IFO failed to sustain occasional bullish attempts further north of the 1.0900 handle, although they seem to have reinforced the support area in the 1.0860/50 band.
Ahead in the day, President M.Draghi will give a lecture on ‘Stability, Equity and Monetary Policy’ in Berlin. Across the pond, the S&P/Case-Shiller index, the IBD/TIPP Economic Optimism index and the Consumer Confidence gauge tracked by the Conference Board are all due.
EUR/USD levels to watch
The pair is now up 0.02% at 1.0882 facing the next resistance at 1.0948 (2014-2016 resistance line) followed by 1.1012 (7-month resistance line) and then 1.1041 (post-ECB spike Oct.20). On the other hand, a breakdown of 1.0820 (low Mar.10) would target 1.0709 (2016 low Jan.5) en route to 1.0538 (low Dec.3 2015).
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