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EUR/USD locked within a narrow range

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/USD is parked around 1.0620 on Thursday, trapped within a tight range, as volatility (and sentiment) remains absent due to the inactivity in the US markets.

    EUR/USD supported around 1.06

    Thin trade conditions have relegated spot to meander in a very narrow range today, although occasional pullbacks have met decent support around 1.0600 the figure so far.

    In the meantime, the pair has largely ignored the recent positive results from the euro area’s calendar, as market participants remain more focused on next week’s critical ECB meeting. Expectations of further easing by the central bank remain on the rise, capping at the same time sporadic bullish attempts.

    EUR/USD levels to watch

    As of writing the pair is up 0.03% at 1.0620 and a breakout of 1.0829 (high Nov.12) would aim for 1.1054 (200-day sma) and finally 1.1078 (100-day sma). On the other hand, the next support aligns at 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16).
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