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14 Sep 2016

EUR/USD sidelined near 1.1230, dollar remains subdued

EUR/USD is extending its rangebound pattern on Wednesday, keeping the narrow range with support so far around the 100-day at 1.1210.

EUR/USD still capped by 1.1300

The lack of catalysts and relevant events in both Euroland and the US economy has prompted spot to prolong its sideline theme for the time being, while the greenback has been also trading in a choppy fashion.

On the broader picture, speculations on a probable Fed’s rate hike as soon as this month continue to drive the sentiment around USD, with the probability of such a scenario gyrating around 15% according to Fed Funds futures prices tracked by CME Group.

Later in the NA session, US Export/Import Prices are due followed by the weekly report on crude inventories by the EIA.

EUR/USD levels to watch

The pair is now advancing 0.03% at 1.1222 and a break above 1.1305 (resistance line off 2016 high) would target 1.1329 (high Sep.8) and then 1.1367 (high Aug.18). On the other hand, the immediate support aligns at 1.1202 (2014-2016 support line) ahead of 1.1144 (200-day sma) and finally 1.1043 (low Aug.5).

 

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