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20 May 2015

EUR/USD muted near 1.1150

FXStreet (Mumbai) - The shared currency continues to trade around a flat line against American dollar in the early European trades, keeping EUR/USD around the midpoint of 1.11 handle. The major remains subdued ahead of a calm European session as markets shift their attention towards the biggest market mover of this week – Fed April meeting minutes due later today.

EUR/USD supported at 1.1120

The EUR/USD pair trades almost unchanged at 1.1145, oscillating in a 30 pips range. EUR/USD remains muted, although trades in a slim range as the greenback continue to dominate for the third straight session after April's update of housing starts in the US showed a huge improvement after two mediocre readings on Tuesday.

Meanwhile, traders remain cautious ahead of Fed minutes amid an almost data-empty EUR calendar. The minutes from the April meeting will provide more details on officials' views about the deterioration in the data and how it impacted their rate hike plans.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1223 (May 5 High) levels. On the flip side, support is seen at 1.1122 (Today’s Low) below which it could extend losses to 1.1100 levels.
May 20, 2015

What’s in store for EUR/USD today? – Commerzbank and OCBC Bank

EUR/USD is looking to consolidate the recent deep pullback to the low-1.1100s from last week’s tops around 1.1470...
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May 20, 2015

EUR hurt by ECB’s headlines – OCBC Bank

Emmanuel Ng, FX Strategist at OCBC Bank, noted the impact on the single currency of yesterday’s comments by ECB officials Coeure and Noyer...
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