EUR/USD failed to make a decisive move in either direction and closed the day flat. Economists at ING highlight two key technical levels to watch.
200-Day Moving Average is now at 1.0350
“If we were to pick out two levels, we would say the 1.0600/1.0610 area is key resistance. A close above that on a soft US CPI release would warn of a lot more pain into year-end and EUR/USD drifting up to 1.0800 and even 1.0950/1.1000.”
“On the downside, the 200-Day Moving Average is now at 1.0350 and would be a level any investors trapped long Dollars at higher levels might choose to offload some Dollars.”