EUR/USD steady, hovering around 1.1300 ahead of Brexit vote

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  • US Dollar remains sideways, consolidating modest daily gains.
  • EUR/USD holds around 1.1300, with a bearish intraday bias, but supported around 1.1300. 

The EUR/USD pair is moving sideways in a small range ahead of the Brexit vote at the UK Parliament, holding near the 1.1300 area. 

Earlier today, EUR/USD rose to test yesterday’s high around 1.1335 but failed to break higher and turned to the downside. A stronger US dollar pushed the pair further lower and bottomed at 1.1292. 

Since the beginning of the US session it is moving in a modest range between 1.1310 and 1.1290 ahead of another Brexit vote in the UK. 

The move to the downside today took place amid a recovery of the US dollar across the board. The DXY was rising 0.25% after falling during the previous four trading days. Also US yields were higher on Thursday adding support to the greenback. The key event ahead is the vote in the UK for an extension of Article 50, scheduled at 17:00 GMT. 

EUR/USD Short-term levels 

To the upside, immediate resistance is seen at 1.1305/10 (upper limit of intraday range), followed by 1.1335 (Mar 13 & 14 high) and 1.1365. On the flip side, support could be located at 1.1290/95 (daily low and bottom of an ascendant channel), 1.1275 and 1.1245/50 (Mar 12 low). 

 

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