Little goes on in the FX board, although sentiment has turned sour as oil plummeted over 4% at the beginning of the day, following the oil producers' meeting in Doha, as no agreement was reached to freeze oil's output. Uncertainty reigns among forex traders, with majors unable to find a certain direction. With no releases in Europe, and no relevant macro data scheduled in the US, the EUR/USD pair is poised to advance in the short term, as in the 1 hour chart, the technical indicators head north within bullish territory, whilst the price aims to advance above its 20 and 100 SMAs. The price is currently struggling with the 23.6% retracement of the latest bullish run, while a strong resistance comes at 1.1330, the base of the range that contained the price during the last two weeks. In the 4 hours chart, the technical indicators also head higher within positive territory, but the 20 SMA heads slightly lower, below the current level, and the 100 SMA remains above it.
Support levels: 1.1270 1.1235 1.1200
Resistance levels: 1.1335 1.1380 1.1420