EUR/USD flirting with lows near 1.1130

The EUR/USD pair trades around a flat-line in a 15-pips narrow range post-European open, lacking a clear direction, despite stalled USD buying across the board.

EUR/USD fast approaching 1.1100?

Currently, EUR/USD trades -0.15% lower at 1.1131, flirting with session lows struck at 1.1128 earlier on the day. The main currency pair treads water near the lower band of today’s trading range, awaiting fresh impetus from the BOE decision, which is likely to have significant impact on the EUR/GBP cross and hence, eventually on the EUR/USD pair.

Meanwhile, the downside consolidation is likely to extend until the BOE announcement, as the greenback remains firmer versus its major peers in wake of yesterday’s upbeat US private sector employment figures.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1200 (round figure). A break beyond the last, doors will open for a test of 1.1222 (100-DMA). On the flip side, the immediate support is placed at 1.1114/09 (10 & 200-DMA) below which 1.1077 (daily S2) could be tested.