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EUR/USD has spent the last hours in a slim range near daily lows after being rejected from levels above 1.1200 during the European session.
EUR/USD reached a daily high of 1.1224 but came under pressure following mixed Eurozone data, sliding to a low of 1.1122 before finding support. However, with the subsequent bounce capped by the 1.1190 zone and with US data offering little inspiration, EUR/USD has settled in a range and it was last trading at 1.1155, 0.43% lower on the day.
EUR/USD technical perspective
“The end of last week’s trading was inauspicious, with EURUSD stalling around 1.13, a major technical point on the longer-term charts (the first retracement resistance of the 1.40/1.04 decline) and the start to this week’s even less so, with EURUSD trading heavy and poised to test short-term trend support at 1.1120; below here and the EUR will slide back to retest the 1.1050/00 area”, said the TD Securities team. “If the EUR can’t get above here, it has little chance of sustaining the recent bid”.
EUR/USD reached a daily high of 1.1224 but came under pressure following mixed Eurozone data, sliding to a low of 1.1122 before finding support. However, with the subsequent bounce capped by the 1.1190 zone and with US data offering little inspiration, EUR/USD has settled in a range and it was last trading at 1.1155, 0.43% lower on the day.
EUR/USD technical perspective
“The end of last week’s trading was inauspicious, with EURUSD stalling around 1.13, a major technical point on the longer-term charts (the first retracement resistance of the 1.40/1.04 decline) and the start to this week’s even less so, with EURUSD trading heavy and poised to test short-term trend support at 1.1120; below here and the EUR will slide back to retest the 1.1050/00 area”, said the TD Securities team. “If the EUR can’t get above here, it has little chance of sustaining the recent bid”.