EUR/USD searching for direction

By FXstreet.com | July 28, 2014 AAA

FXStreet (Córdoba) - In the absence of news or economic events, the EUR/USD was confined to a narrow range Monday having steadied above 1.3420 following 2 weeks of losses.



The EUR/USD is going through a consolidation phase as investors gear up for key economic events that will take place in the second half of this week including the US Q2 GDP, the FOMC meeting and the nonfarm payrolls report. Having bottomed out at a YTD low of 1.3420 Friday, the EUR/USD has spent most of the day in a slim range and it is currently at 1.3435, virtually unchanged since opening.



EUR/USD levels to watch



In terms of technical levels, immediate resistances are seen at 1.3475 (Jul 25 high), 1.3490 (10-day SMA) and 1.3500 (psychological level). On the other hand, supports could be found at 1.3420 (2014 low Jul 25), 13400/1.3399 (psychological level/Nov 21 2013 low) and 1.3390 (Nov 13 2013 low).



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