EUR/USD's range play continues ahead of Eurozone Consumer Confidence


  • 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. 

Technical levels

EUR/USD

Overview
Today last price 1.1059
Today Daily Change 0.0014
Today Daily Change % 0.13
Today daily open 1.1045
 
Trends
Daily SMA20 1.1045
Daily SMA50 1.1115
Daily SMA100 1.1178
Daily SMA200 1.1255
 
Levels
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

 

 

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