EUR/USD within range, still unable to test 1.2300
- The pair remains within the daily range amidst rising USD.
- DXY up smalls, manages to keep the 90.30/20 for the time being.
- EMU’s Sentix Index came in at 19.6 for the month of April.
EUR/USD struggles for direction at the beginning of the week and keeps the tight range between 1.2260 and 1.2290.
EUR/USD still capped by 1.2300/20
The pair is looking to stabilize in the upper bound of the recent range following last Friday’s moderate rebound. The up move, however, remains limited by the 1.2300/20 band for the time being, where converges the 10- and 21-day sma.
On the USD-side, the greenback managed to gather some steam and test, albeit briefly, the zone of daily highs in the boundaries of the 90.30 level. The positive atmosphere in the risk-associated space continues to bolster today’s performance of the buck, always with the US-China trade conflict in centre stage.
In the data space, the Sentix Index came in below estimates at 19.6 for the month of April, showing investors’ confidence in the euro area ticked lower. Later in the session, ECB’s V.Constancio and P.Praet are due to speak.
EUR/USD levels to watch
At the moment, the pair is retreating 0.08% at 1.2271 facing immediate contention at 1.2216 (low Apr.6) seconded by 1.2206 (low Feb.9) and then 1.2165 (low Jan.18). On the other hand, a break above 1.2299 (10-day sma) would target 1.2346 (high Apr.2) en route to 1.2478 (high Mar.27).