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7 Sep 2016

EUR/USD moves off highs but lacks momentum

EUR/USD retreated from fresh 12-day highs reached at the beginning of the New York session, as the greenback received a boost from hawkish comments of a couple of Fed’s members.

EUR/USD pulled back from a high of 1.1270 but the downside was contained once again by the 1.1230 zone, confining the pair to a quieter phase. At time of writing, the pair is trading at 1.1237, still 0.18% below its opening price. 

While EUR/USD remains mostly driven by Fed’s hike expectations, investors will be watching the Beige Book later on the session for clues over the state of the US economy. On Thursday, the European Central Bank monetary policy decision will attract investors’ attention. 

EUR/USD levels to watch

In terms of technical levels, immediate resistances could be found at 1.1270 (Sep 7 high), 1.1300 (psychological level), 1.1340 (Aug 26 high) and 1.1365 (Aug 18 high). On the other hand, next supports are seen at 1.1209 (100-day SMA), 1.1131 (200-day SMA) and 1.1045 (Aug 5 low). 
 

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