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EUR/USD: news from the battlefield

EUR/USD continues a sideways trade in the $1.3275/3390 range. On Monday the pair opened at $1.3350 and edged down, but found some buying interest at $1.3320. As of writing, the pair is trading around $1.3340 (61.8% Fibo from the Feb-March decline).

As can be seen from the H4 chart, the pair is forming a kind of a triangle after having peaked at $1.3390 on Thursday. Technically, the figure should be broken to the upside. However, there is still a strong resistance ahead in the $1.3400/30 area. Break above these levels could open the way to $1.3475/3500. For now the pair remains supported by the $1.3300/3275 area.

As for the economic calendar, watch the US Empire State manufacturing index at 12:30 GMT. German Bundesbank President Weidmann is scheduled to speak at 15:20 GMT. Market is looking forward to the FOMC meeting on Wednesday – any hints on QE tapering would increase the bearish pressure on EUR/USD.

Chart. H4 EUR/USD

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