EUR/USD - In a Narrow Range of 50 pips - 04/04/2017 (GMT)

Euro is trading within a narrow range of 50 pips against the U.S. dollar with upper boundary the 1.0700 psychological level and lower boundary the 1.0645 support barrier, the last two days. The EUR/USD pair had limited moves over yesterday’s session as it ended the day near its opening price level and had very low volatility, afterwards. Though, in the previous week, the pair plummeted more than 1.3% following the rebound on the 1.0906 resistance level which overlaps with the descending daily trend line.

Currently, the common currency pair is flattening and we expect an important economic data to see a run in either direction. A break below the rising trend line on the 4-hour chart will open the door for a retest of the 1.0500 psychological obstacle. Otherwise, a bullish move until 1.0720 is possible. MACD and RSI are moving with some weak momentum within the negative zone but both are slightly rising.