FXStreet (Mumbai) – The EUR/USD pair is seen moving back and forth in a 20-pips narrow range over the last few hours, having failed to resist 1.09 handle post-Tokyo open.

EUR/USD holds above 20-DMA at 1.0878

The main currency pair halted its three-day winning streak and is seen consolidating the upside just shy of 1.09 handle amid mixed Asian session, while markets continue to mull over the FOMC statement and now await a series of crucial economic data from both continents, with the German Prelim CPI figures to kick-off a busy trading session ahead.

Meanwhile, the Asian equities are trading quite mixed, with the gains capped in the Japanese and Australian stocks following renewed weakness in the oil prices. While on the other hand, the US dollar also trades mixed against its major competitors, and helps cushion the downside in EUR/USD somewhat.

On Wednesday, EUR/USD rose to fresh weekly highs at 1.0917 after the Fed showed concerns over the financial markets turmoil, although maintained its stance for gradual rate rises this year.

Looking ahead, a host of US economic releases are expected to emerge main drivers in the NY session ahead, while the major will continue to monitor the development surrounding oil and stocks. The US calendars offers the durable goods orders, weekly jobless claims and pending home sales data today.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance is seen at 1.0922/24 (Jan 21 High/ 100-DMA). A break beyond the last, doors will open for a test of 1.0941/ 57 (Jan 19 High/ daily R2). On the flip side, the immediate support is placed at 1.0870/67 (1h 200-SMA/ 10-DMA), below which 1.0803 (Jan 13 Low) could be tested.

The EUR/USD pair is seen moving back and forth in a 20-pips narrow range over the last few hours, having failed to resist 1.09 handle post-Tokyo open.

(Market News Provided by FXstreet)

By FXOpen