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19 Mar 2015
EUR/USD: Finally signs of consolidation
FXStreet (Mumbai) - The EUR/USD has been stuck largely in the range of 1.07-1.0650 since the European session, after having suffered wild swings – 1.0578 to 1.1033 and back to 1.0650.
Consolidation could continue in the absence of major data
The pair is unlikely to see a major move today as we do not have a major market moving data due for release out of the US today. The jobless claims data and the current account deficit data released at the onset of the US session failed to have any major impact on the pair.
Similarly, the data docket out of the US is thin tomorrow, while the EU current account data is unlikely to produce wild swings. Thus, the pair is more likely to remain consolidated as we head into the weekend.
EUR/USD Technical Levels
At the time of writing, the pair traded at 1.0655. The immediate resistance is seen at 1.0673 (hourly 50-MA), above which gains could be extended to 1.0702 levels. On the other hand, support is seen at 1.0646 (hourly 200-MA) and 1.0610 (hourly 100-MA).
Consolidation could continue in the absence of major data
The pair is unlikely to see a major move today as we do not have a major market moving data due for release out of the US today. The jobless claims data and the current account deficit data released at the onset of the US session failed to have any major impact on the pair.
Similarly, the data docket out of the US is thin tomorrow, while the EU current account data is unlikely to produce wild swings. Thus, the pair is more likely to remain consolidated as we head into the weekend.
EUR/USD Technical Levels
At the time of writing, the pair traded at 1.0655. The immediate resistance is seen at 1.0673 (hourly 50-MA), above which gains could be extended to 1.0702 levels. On the other hand, support is seen at 1.0646 (hourly 200-MA) and 1.0610 (hourly 100-MA).