EURUSD awaiting technical breakout
The euro is trading in an increasingly narrow range against the US dollar, as the pair struggles to find an intraday directional bias. A clear break from the 1.1460 to 1.1490 price range is currently needed, although short-term momentum is currently with sellers. The EURUSD pair may also be trading cautiously, ahead of European Central Bank President Mario Draghi’s keynote speech on Tuesday.
The EURUSD pair is intraday bearish while trading below the 1.1460 level, key technical support remains at the 1.1430 and 1.1400 levels.
If the EURUSD pair breaks above the 1.1490 level, buyers may test towards the 1.1530 and 1.1550 resistance levels.