EUR/USD - EUR/USD is Trading With No Strong Directional Move - 04/05/2017 (GMT)

The EUR/USD pair created another tight range during yesterday’s trading session within 1.0640 and 1.0700 barrier, holding above the 50 and 100 daily SMAs. The euro firmed against the U.S. dollar, as the pair’s strength remained under pressure the last three days. 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. On the daily chart, the technical indicators are moving with some weak momentum confirming the recent directionless move in price. The RSI indicator is flattening below the 50 level whilst the MACD oscillator is falling near its neutral area.