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Forex pairs in this Article » EUR/USD
FXStreet (Edinburgh) - The EUR/USD is back to the 1.3740 region after an unsuccessful attempt to follow through the 1.3760 area on Wednesday.

EUR/USD directionless

The pair is prolonging its range bound trading tis week between 1.3730 and 1.3760 amidst a generalized lack of direction. Traders are pointing to the advanced February CPI figures in the EMU due on Friday as the next big event and probable a market-mover ahead of the ECB meeting on March 6th. Consensus expects headline consumer prices to advance at an annual pace of 0.7%, lower than January’s 0.8% advance. According to Camilla Sutton, Chief FX Strategst at Scotiabank, the short-term technicals remain bullish, adding, “spot has range traded and sentiment suggests more of the same; but technicals are all in buy territory hinting that EUR could test the higher end of its recent range”.

EUR/USD key levels

At the moment the pair is flat at 1.3740 with the next resistance at 1.3768 (high Feb.25) ahead of 1.3773 (high Feb.19) and then 1.3796 (76.4% of 1.3894-1.3477). On the flip side, a breakdown of 1.3710 (10-d MA) would target 1.3702 (low Feb.21) en route to 1.3685 (low Feb.20).
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