The EUR/USD pair trades slightly lower this Tuesday, having been unable to rally beyond the 1.1400 level ever since the week started. Nevertheless, the downside remains limited, in spite of the ongoing risk aversion sentiment, as the pair stands pretty much unchanged from its weekly opening. Data coming from Europe showed that March final Services PMI missed expectations, reflecting a sluggish growth in the sector during the first quarter of this 2016. Ahead of the release of US PMI non-manufacturing figures, the 1 hour chart for the pair shows that the price is below its 20 and 100 SMAs, whilst the technical indicators have bounced partially from oversold levels, but remain below their mid-lines, indicating no actual bullish strength. In the 4 hours chart, the pair is also developing below a now flat 20 SMA, whilst the Momentum indicator heads south below the 100 level, and the RSI hovers around 53, lacking clear directional strength. The pair will likely remain range bound ahead of upcoming ECB and FED's events on Wednesday and Thursday, with the downward potential remaining limited as long as the price remains above the 1.1280 immediate support.
Support levels: 1.1330 1.1280 1.1245
Resistance levels: 1.1410 1.1460 1.1500