EUR/USD holds steady after US data, focus on FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD has continued to waver within its recent range, unable to gather momentum either side of the board, as investors await the Federal Reserve minutes.

    While buyers continue to appear on approaches to the the 1.0710/00 area, EUR/USD managed to climb to the upper-side of its range, hitting a session high of 1.0766 in recent dealings, although lacking follow-through. At time of writing, the pair is trading at 1.0756, just a few pips above its opening price.

    The latest string of mixed US data failed to trigger directional moves in the pair against a cautious backdrop ahead of the FOMC minutes and nonfarm payrolls due on Friday. After the Fed raised rates last month, focus now turns to the path of futures increases.

    EUR/USD levels to watch

    In terms of technical levels, next resistances could be found at 1.0772 (Jan 6 high), 1.0824 (50-day SMA) and 1.0900 (psychological level/21-day SMA). On the flip side, supports are seen at the 1.0710/00 area (Jan 5 low/psychological level), 1.0635 (Dec 1 & 2 highs) and 1.0550 (Dec 2 low).
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