EUR/USD hovering around 1.1800 ahead of Jackson Hole

EUR/USD remains steady ahead of Draghi and Yellen presentations tomorrow in Jackson Hole. The pair rose marginally on a quiet American session. 

It peaked at 1.1814 and near the end of the day, it was hovering around 1.1805/10. Earlier EUR/USD traded below 1.1800 but the greenback lost strength and erased gains across the board, pushing the pair modestly to the upside.

The price range of the day was off less than 35 pips, the lowest in weeks. Low volatility prevailed during all day and it could continue that way into the Asian session. 

EUR/USD Technical outlook 

“The neutral stance persist in the EUR/USD pair, having traded within a well-defined 100 range ever since the week started. In the 4 hours chart, the price is a few pips above its 20 and 100 SMAs, both directionless and converging in a tight range, a clear reflection of the ongoing range, while the RSI indicator in the mentioned chart holds pat around 56”, said Valeria Bednarik, Chief Analyst at FXStreet. 

According to her, the momentum indicator in 4-hour charts aims higher within positive territory, but the pair would need to break above 1.1860 to actually gain upward traction, “whilst bears will take the grip only on a break below the 1.1680/90 region.”