Due to the lack of macroeconomic drivers, the EUR/USD pair is trading within a narrow range of 1.1143-1.1187. Today is the Good Friday holiday in Europe, so market is expected to remain low. Out of macroeconomic statistics, it is worth noting the data on US Gross Domestic Product Annualized and Personal Consumption Expenditures for the fourth quarter. Both indicators are expected to remain unchanged, GDP at 1% and Personal Consumption Expenditures at 0.4%.
Support and resistance
On the 4-hour chart, is directed down, suggesting the pair is likely to continue its downward trend. histogram is in the negative zone; its volumes are insignificant indicating low trading activity.
Support levels: 1.1143, 1.1093, 1.1056.
Resistance levels: 1.1187, 1.1222, 1.1259.
Short positions can be opened after the price breaks down and consolidates below the level of 1.1143 with the target at 1.1093 and stop-loss at 1.1163.
Long positions can be opened after the price breaks out and consolidates above the level of 1.1187 with the target at 1.1222 and, possibly, 1.1259 and stop-loss at 1.1170.
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