EUR/USD searching for direction

By FXStreet FXStreet (Córdoba) – EUR/USD continues to hover above the 1.1200 mark after having spent most of the day in a slim range unable to set fresh direction as investors gear up for the US nonfarm payrolls later this week.

EUR/USD managed to advance a few pips amid dollar weakness, but it was rejected by the 1.1260 area, confining the pair to a phase of consolidation. At time of writing, the pair is trading at 1.1235, up 0.44% on the day.

The latest string of US data had little impact on the dollar. US Chicago PMI edged down to 54.4 in August from 54.7 the previous month.

EUR/USD levels to watch

In terms of technical levels, EUR/USD could find next supports at 1.1155 (Aug 28 low), 1.1106 (Aug 20 low) and 1.1093 (100-day SMA). On the flip side, resistances are seen at 1.1262 (Aug 31 high), 1.1285 (10-day SMA) and 1.1300 (psychological level).
For more information, read our latest forex news. …read more

Source:: FX Street