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EUR/USD in ‘wait-and-see’ mode near 1.1330

FXStreet (Edinburgh) - The common currency keeps its flat line pattern alive on Tuesday, with EUR/USD navigating in a tight range around 1.1330.

EUR/USD focus on risk, ECB

Spot has started the week on the wrong footing, extending its decline to the low-1.1300s after being rejected from the critical 1.1500 barrier last week following a resurgence of the buying interest around the greenback.

The pair would likely keep the current sideline pattern for the time being, as there are no significant releases before the key ECB gathering on Thursday and the preliminary manufacturing and services PMIs in Euroland on Friday.

EUR/USD relevant levels

As of writing the pair is advancing 0.10% at 1.1338 and a break below 1.1300 (psychological level) would target 1.1240 (55-day sma) en route to 1.1229 (2-month uptrend). On the flip side, the next up barrier aligns at 1.1466 (downtrend from May’14 top) followed by 1.1500 (psychological handle) and then 1.1714 (high post-PBoC move Aug.24).

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