- EUR/USD witnessed a subdued/range-bound price action on the first day of a new week.
- Concerns about the third wave of COVID-19 infections weighed on the common currency.
- The upbeat market mood undermined the safe-haven USD and helped limit the downside.
EUR/USD is trading higher in a range, nearing the 1.1800 level as rallying equities put some pressure on the greenback. US Treasury yields are also up, may see the USD changing course later today. The EUR/USD pair seesawed between tepid gains/minor losses through the mid-European session and remained confined in a narrow trading band around mid-1.1700s.
If sellers remain in control, preliminary downside constraints may develop at the nearby 1.1703 barrier. Steering beneath this, a more profound push from sellers could be required to conquer the crucial support base of 1.1600-1.1625. Should this key foundation fail to negate the decline from snowballing, the bears may then target another significant support zone, residing between 1.1496 and 1.1451.
Otherwise, if buying interest intensifies, resistance could originate from the 1.1795, the former being the 38.2% Fibonacci retracement. Overcoming this boundary, next support breakout level 1.1835 may impede buyers from propelling higher to challenge the heavy resistance section of 1.1800, could then attempt to calm buyer’s confidence.
The material has been provided by InstaForex Company – www.instaforex.com
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