Eurusd Remains Neutral Near 10900

last updated on

Eurusd Remains Neutral Near 10900

EUR/USD Remains Neutral Near 1.0900

The EUR/USD pair remains confined in a tight range of around 1.0900 level on Tuesday's session. The major reason behind the directionless nature of EUR/USD can be attributed to the cautious market mood.

In addition, the market conditions also support a safe-haven US Dollar, but the upcoming data releases & the 4th of July holiday are keeping the EUR/USD without much movement.

During the US independence day holiday, the trading range in the EUR/USD will likely remain narrow with low liquidity.

EUR/USD: Short-Term Remains Neutral

If we look at the EUR/USD weekly chart, it appears to be little changed, while the daily chart also shows very little movement. However, EUR/USD appears to be developing a base above the 20 SMA, which is now moving towards the longer MAs.

At the same time, the momentum indicator is shedding points but remains in the positive range and is now close to the 100 mark. Furthermore, the RSI indicator is near the 52 level, which also reveals that EUR/USD is lacking direction.

For the most part, the short-term direction in EUR/USD is neutral, and no major action is expected since the US market is closed. On the 4-hr chart, the EUR/USD is trading around the 20 & 100 MA as both lines are converging near 1.0890.

If we look at the support levels for EUR/USD, they are located near 1.0860, followed by 1.0815 and 1.0770. On the flip side, the resistance levels are located at 1.0940, 1.0985, and 1.1040.

Earlier, the EUR/USD peaked at around 1.0915 but failed to attract any interest, which pushed it back towards the 1.0900 level.

On the macroeconomic front, there's not enough data that could be deemed of high importance. In Europe, the May Trade Balance for Germany shows a 14.4 billion surplus which has missed the market's expectations.

It wouldn't be wrong to say that US Dollar is weak against its peers while the commodity-linked currencies appear to be lively.

Trending Stories