The EUR/USD pair remains lifeless around its recent highs, with traders unmotivated after US employment data triggered an u-turn in market's sentiment towards the greenback, as a US rate hike this summer, seems now unlikely. Adding to the picture, is a lackluster macroeconomic calendar, with no data released in Europe so far today, and with only some minor readings scheduled in the US. Ever since the week started, the pair has been confined to a roughly 60 pips range, and seems unlikely it could be able to trigger a directional breakout this week, as the market will probably wait for next week FED's meeting before taking a trade. The range can extend, yet as long as the price remains between 1.1280 and 1.1460, no directional certainty will appear. In the meantime, the technical picture keeps favoring the upside, as in the 4 hours chart, the Momentum indicator has finally erased the extreme readings achieved by the end of last week, and is now flat around its 100 level, whilst the RSI indicator consolidates near overbought readings, and the 20 SMA has approached the current level, maintaining a strong upward slope. The immediate resistance is 1.1395, this week high, followed by 1.1420 and the mentioned 1.1460, while below 1.1325, the pair can correct lower down to 1.1280, where selling interest should contain the slide. http://www.fxstreet.com/analysis/eur-usd-forecast-range-can-extend-but-hardly-break-201606080841
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» The EUR/USD pair remains lifeless around its recent highs, with traders unmotivated after US employment data triggered
The EUR/USD pair remains lifeless around its recent highs, with traders unmotivated after US employment data triggered
Written By Unknown on Thursday, June 9, 2016 | 7:53:00 AM
The EUR/USD pair remains lifeless around its recent highs, with traders unmotivated after US employment data triggered an u-turn in market's sentiment towards the greenback, as a US rate hike this summer, seems now unlikely. Adding to the picture, is a lackluster macroeconomic calendar, with no data released in Europe so far today, and with only some minor readings scheduled in the US. Ever since the week started, the pair has been confined to a roughly 60 pips range, and seems unlikely it could be able to trigger a directional breakout this week, as the market will probably wait for next week FED's meeting before taking a trade. The range can extend, yet as long as the price remains between 1.1280 and 1.1460, no directional certainty will appear. In the meantime, the technical picture keeps favoring the upside, as in the 4 hours chart, the Momentum indicator has finally erased the extreme readings achieved by the end of last week, and is now flat around its 100 level, whilst the RSI indicator consolidates near overbought readings, and the 20 SMA has approached the current level, maintaining a strong upward slope. The immediate resistance is 1.1395, this week high, followed by 1.1420 and the mentioned 1.1460, while below 1.1325, the pair can correct lower down to 1.1280, where selling interest should contain the slide. http://www.fxstreet.com/analysis/eur-usd-forecast-range-can-extend-but-hardly-break-201606080841
