The EUR/USD pair has been trading sideways since the 24th of June 2016, with the price trading in a broad range between the levels of 1.0973 and 1.1173.
The major initially fell during the day on Monday, but then turned back around to form a hammer, ending the day at 1.1140. The euro remains on the defensive today, dragging the pair near session lows of 1.1125, currently trading at 1.1128.
Ahead in the session, investors will be looking at eurozone services PMIs, followed by EMU’s retail sales for May, while factory orders and the speech by FOMC’s Dudley are due later in the day.
In the event that the price breaks below 1.1081, the pair could find support at 1.0912 and 1.0758 in extension.
Conversely, in the scenario where the price breaks above the top of the range at 1.1189, the pair could rise up to 1.1212 and 1.1269 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.