EUR/USD lacks momentum in quiet trade

FXStreet (Córdoba) – EUR/USD has been confined to a narrow range on Wednesday as the dollar trades mixed against major rivals in low volume ahead of the New Year celebrations.

EUR/USD edged a tad higher after briefly falling below the 1.0900 mark and testing support at the 20-day SMA the previous day. However, bounce attempts have remained capped by the 1.0940 zone so far, with the pair unable to gather momentum either side of the board. At time of writing, the pair is trading at 1.0930, 0.11% above its opening price.

On the data front, US pending home sales index and EIA weekly oil status report will be released during the New York session.

EUR/USD levels to watch

In terms of technical levels, immediate supports are seen at 1.0898 (Dec 29 low), 1.0850 (50-day SMA), 1.0795 (Dec 7 low) and 1.0700 (psychological level). On the other hand, next resistances could be found at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1054 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).

EUR/USD has been confined to a narrow range on Wednesday as the dollar trades mixed against major rivals in low volume ahead of the New Year celebrations.


(Market News Provided by FXstreet)