The EUR/USD pair holds steady around 1.1600 in a pretty quiet Monday, with a US holiday and the lack of relevant data keeping majors subdued. The market is slowly coming out from last week shocks, triggered by the SNB when lifting the EUR/CHF peg resulting in tumbling brokerage firms across the world. But since the issues are being addressed and the forex world survived, investors’ attention now shifts into what the ECB will do next Thursday.
In the meantime, the EUR/USD 1 hour chart shows that the price holds above a bullish 20 SMA whilst indicators aim higher above their midlines, giving the pair a short term bullish tone. In the 4 hours chart indicators corrected oversold readings and maintain a bullish slope below their midlines, but 20 SMA heads lower above current price offering dynamic resistance around 1.1650.
Support levels: 1.1580 1.1545 1.1510
Resistance levels: 1.1620 1.1650 1.1690
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