EUR/USD remains in a range, hovering around 1.0650

EUR/USD moved modestly to the downside during the last hours as equity prices in Wall Street climbed further and also as US yields reached fresh highs. The pair dropped to 1.0645 and currently trades at 1.0647/49, marginally lower for the day. 

Price action across financial markets remain limited and the EUR/USD pair continues to move inside the same trading range that has been in place since the beginning of the week, with support above 1.0630 and resistance below 1.0700. 

Today it bottomed at 1.0628, the lowest in three weeks but quickly bounced back to the upside, keeping the range intact. 

Technical outlook 

The pair continues to move sideways, in a minor range. Within that range, momentum favors the downside with the price under the 20-hour moving average that stands at 1.0665. Price action today has been limited and a movement below 1.0625/30 (daily lows) seems unlikely at the moment.

Valeria Bednarik points out that in the 4-hours chart, technical readings are neutral, with indicators stuck around their mid-lines, and the 20 and 200 simple moving averages, converging flat around the current price, “clearly indicating the absence of directional strength.”