FXStreet (Mumbai) – The EUR/USD is trading in the sideways manner around the daily highs, as the upside is being capped by the positive action in the Euro Stoxx 50 futures.
Focus no stocks
The common currency is likely to track the action in the European equities since the economic calendar in Europe and the US is empty. At the time of writing, the pan-European Euro Stoxx 50 index was up 0.70%. Consequently, the EUR/USD pair was having a tough time extending gains above the session high of 1.0883.
Any signs of risk-off in the European equities could push the pair over and above its hourly 100-MA at 1.0887 levels.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0887 (hourly 100-MA)-1.0890 (38.2% of 1.1495-1.0517), above which the pair could rise to 1.0931 (hourly 200-MA). On the other hand, a break below 1.0846 (hourly 50-MA) would expose 1.0803 (Thursday’s low).
(Market News Provided by FXstreet)