EUR/USD trades narrowly on the day amid steady dollar

Technical Analysis

Little change seen in EUR/USD to start the day


Price is virtually flat now with the pair trading at 1.1072, being kept in a narrow 19 pips range so far on the day.

Although buyers are keeping near-term control, the move higher overnight stalled at the 50.0 retracement level @ 1.1082 and that is continuing to limit gains in the pair today as well.

The latest news affecting the pair was the meeting between Trump and Fed chair Powell where the former continued his demands for lower rates and a weaker greenback.

Since then, there has been little for traders to work with especially with risk sentiment keeping more steady as well to start the day. European stocks are inching a bit higher from the open but so far it isn’t a massively risk-on move or anything just yet.

Looking ahead, there isn’t much key data to shift the dial so expect trading sentiment in the pair to continue revolving around the ebb and flow in markets. In that regard, be wary of risk headlines that could come later in the day.

For sellers, the key is to try and angle a move towards the key hourly moving averages closer to 1.1034-36. Meanwhile, for buyers, the key is to try and look towards a break of the 100-day moving average at 1.1093.

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