Search ForexCrunch
  • The pair rebounds from daily troughs in sub-1.1700 levels.
  • The recovery comes along a sideline theme around the greenback.
  • Spot is poised to remain sidelined ahead of the ECB event on Thursday.

EUR/USD now alternates gains with losses ahead of the opening bell across the pond, managing to stage a rebound from 1.1690 to the vicinity of 1.1730, where met some decent hurdle.

EUR/USD rangebound likely ahead of ECB

Spot keeps navigating the upper end of the recent range above 1.1700 the figure amidst a generalized sideline theme in the global markets.

On the USD-side, the greenback stays trapped within a tight range against the backdrop of rising yields in the US 10-year note and always wary of headlines coming from the US-China trade dispute.

In the docket, US Chicago Fed index rebounded to 0.43 in June, while Existing Home Sales during the same period are due later.

EUR/USD levels to watch

At the moment, the pair is losing 0.05% at 1.1714 and a breakdown of 1.1690 (10-day sma) would target 1.1676 (21-day sma) and then 1.1575 (low Jul.19). On the flip side, the next hurdle at 1.1748 (high Jul.17) followed by 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14).