EUR/USD: flat on highs
On Friday EUR/USD is quietly consolidating in a flat $1.3270/90 range following the Thursday’s sharp upward move. Yesterday the pair closed the day above the previous $1.3260 (76.4% Fibo) resistance as the markets are anticipating a dovish tone of the next week’s FOMC meeting.
There are several preconditions for a bearish reversal, but the US dollar still remains weak. Next resistance for the pair lies at $1.3300, $1.3330 and $1.3400/15. These levels are widely expected to cap the upside. Support is now seen at $1.3260, $1.3240, $1.3200 and $1.3160.
Today’s economic agenda is pretty light, except for the revised UoM consumer sentiment in the US.
Chart. H4 EUR/USD