- EUR/USD remains directionless despite the drop in the US treasury yields.
- An above-forecast Eurozone Consumer Confidence will likely push the pair higher to the trendline falling from June highs.
EUR/USD's struggle for a clear directional bias continues despite the pullback in the US treasury yields and ahead of the Eurozone Consumer Confidence data.
The currency pair is currently trading at 1.1058, representing moderate gains on the day. Notably, the common currency is trapped in a narrowing price range between 1.10-1.11 since Sept. 16 despite the US 10-year treasury yield's drop from 1.907% to 1.75%.
Focus on Eurozone data
Eurozone's preliminary Consumer Confidence index for September, scheduled for release at 14:00 GMT, is expected to come in at -7, having printed at -7.1 in August.
A weaker-than-expected data would validate the European Central Bank's (ECB) recent decision to dole out fresh stimulus and could push the EUR lower.
The pair may challenge resistance of the trendline connecting June 26 and Aug. 13 highs if the consumer confidence beats estimates with a positive print. As of writing, the trendline resistance is located at 1.1083.
The technical outlook, however, would turn bullish if and when the pair violates the bearish lower highs set up with a daily close above Sept. 13's high of 1.1110.
German Producer Price Index due at 06:00 GMT may be ignored by markets, as factory slowdown is generally accepted by now and priced in.
|Today last price||1.1059|
|Today Daily Change||0.0014|
|Today Daily Change %||0.13|
|Today daily open||1.1045|
|Previous Daily High||1.1074|
|Previous Daily Low||1.1023|
|Previous Weekly High||1.111|
|Previous Weekly Low||1.0927|
|Previous Monthly High||1.1251|
|Previous Monthly Low||1.0962|
|Daily Fibonacci 38.2%||1.1054|
|Daily Fibonacci 61.8%||1.1042|
|Daily Pivot Point S1||1.1021|
|Daily Pivot Point S2||1.0997|
|Daily Pivot Point S3||1.097|
|Daily Pivot Point R1||1.1071|
|Daily Pivot Point R2||1.1098|
|Daily Pivot Point R3||1.1122|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.