EUR/USD keeps range below 5-DMA ahead of EZ data

Having faced rejection at 5-DMA, the EUR/USD pair turned slightly lower and now consolidates in a slim range above 1.1310 region.

EUR/USD awaits fresh impetus from EZ, US data

Currently, EUR/USD trades modestly flat at 1.1315, managing to hold above 1.13 handle. The main currency pair trades directionless in a narrow range amid a lack of fundamental triggers, as all eyes now remain on the US macro releases for next direction on the prices.

Moreover, the major also stood resilient to the EUR/GBP cross-driven weakness and rather takes advantage of a broad based US dollar retreat. EUR/GBP fell sharply this session as the pound strengthened after the latest Brexit poll result showed 55% votes in favour of remain.

Data-wise, markets look forward to the trade balance data from the Euroland ahead of the US inflation, industrial output and housing data lined up for release in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1343/50 (May 16 High/ psychological levels). A break beyond the last, doors will open for a test of 1.1400 (round number). On the flip side, the immediate support is placed at 1.1300 (key support) below which at 1.1281/71 (May 13 & Apr 29 Low) could be tested.