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4 May 2016
EUR/USD steady, hovering around 1.1500
EUR/USD completed almost an entire day moving sideways in a small range between 1.1470 and 1.1510. It spiked higher to 1.1528 after US economic data but quickly pulled back. The pair consolidated all day, after yesterday’s decline when it pulled back from multi-month highs that reached above 1.1600. Price bottomed during the American session at 1.1465 but a few minutes after it was trading back near the 1.1500 area.
Economic data from the Eurozone and from the US had little impact on the price action that remained limited all day. Traders are now awaiting Friday’s non-farm payroll report.
EUR/USD technical outlook
“The 4 hours chart for the EUR/USD pair shows that the technical indicators have erased all of their extreme readings and stabilized above their mid-lines, with the Momentum indicator heading lower right above its100 level and the RSI flat around 57, whilst the price is unable to establish itself above a still bullish 20 SMA”, said Valeria Bednarik, Chief Analyst at FXStreet.
According to her buying interest is aligned around a major support and the pair needs to advance firmly above the 1.1530 level to regain its previous positive tone and be able to retest the high at 1.1615.
Economic data from the Eurozone and from the US had little impact on the price action that remained limited all day. Traders are now awaiting Friday’s non-farm payroll report.
EUR/USD technical outlook
“The 4 hours chart for the EUR/USD pair shows that the technical indicators have erased all of their extreme readings and stabilized above their mid-lines, with the Momentum indicator heading lower right above its100 level and the RSI flat around 57, whilst the price is unable to establish itself above a still bullish 20 SMA”, said Valeria Bednarik, Chief Analyst at FXStreet.
According to her buying interest is aligned around a major support and the pair needs to advance firmly above the 1.1530 level to regain its previous positive tone and be able to retest the high at 1.1615.