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EUR/USD: Bears guarding 1.1270 barrier, EZ trade data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/USD pair remains side-lined in the European morning, having failed several attempts to surpass 1.1270 barrier.

    EUR/USD stuck in 20-pips tight range

    Currently, EUR/USD trades almost unchanged at 1.1263, facing strong offers near 1.1270 region. The main currency pair extends its side-trend this session and now forms a small doji candlestick on the daily charts, suggesting a lack of clear direction in absence fresh fundamental drivers.

    Meanwhile, the EUR/USD pair treads water and awaits some incentives form the Euro zone trade balance data, which is otherwise expected to have limited impact on the pair. While unresponsiveness to a slew of Chinese economic data amid a broadly muted US dollar, only shows that the major looks forward to the US economic releases due later in the NY session for next direction. The US calendar offers the industrial production, consumer sentiment and regional manufacturing index for the EUR traders. Going forward, the ECB monetary policy decision will remain the main highlight next week.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1295/1.1300 (Apr 14 High/ round number). A break beyond the last, doors will open for a test of 1.1356/63 (10-DMA/ 1h 200-SMA). On the flip side, the immediate support is placed at 1.1234/33 (daily low & S1) below which at 1.1200/1.1180 (psychological levels/ 50-DMA) could be tested.
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