EUR/USD remains steady above 1.1200

EUR/USD is about to end the day unchanged from yesterday’s closing price, hovering around 1.1240/50.  While the US dollar lost ground against commodity currencies and the yen, it showed resilience against European currencies. The euro rallied in the market during the Asian session and at the beginning of the European but then lost strength.

EUR/USD keeps the range

The pair continues to move sideways around 1.1240. Today after the release of US economic data it jumped to 1.1282 hitting the highest level in three days but then quickly pulled back.

Since last week EUR/USD is moving sideways unable to consolidate above 1.1250 and with support on top off 1.1200. Today not even economic data pushed the pair outside of the range. On Friday more data in the US will be released but is not clear if it will have a lasting impact on the market. Traders appear to be waiting for next week FOMC decision.

Technical levels

In the short-term, to the upside, resistance levels could be located at 1.1260/65 (daily high), 1.1285 (Sept 09 high) and 1.1300 (psychological).  On the opposite direction, support could be seen at 1.1195 (Sept 09 low), 1.1180 (Sept 05 high) and 1.1140 (Sept 04  & 05 low).