EUR/USD struggles around 1.1000

EUR/USD managed to climb back above the 1.10 level after a brief dip below, but continues to trade directionless within last week’s range as investors attention turns to the Federal Reserve 2-day meeting starting today.

EUR/USD was rejected from a high of 1.1029 and slid to 1.0984 before the 50-hour SMA offered support. At time of writing, the pair is trading at 1.1001, still a few pips above its opening price.

A string of US data had little, if any, impact on the greenback. July 2016 US Markit services PMI flash came in at 50.9 versus 52.0 expected, while the S&P/Case-Shiller Home Price Index rose 5.2% over the year to May, missing expectations of 5.5%.

EUR/USD technical levels

As for technical levels,  next resistances are seen at 1.1033 (10-day SMA), 1.1078 (200-day SMA), 1.1164 (Jul 14 high) and then 1.1185 (Jul 5 high). On the other hand, supports could be found at 1.0951 (Jul 25 low), 1.0911 (post-Brexit low, Jun 24) and 1.0821 (Mar 10 low).