The EURUSD pair at 1.09343 is demonstrating uncertain performance since the market is split regarding the Fed’s plans for future interest rates.

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• EUR/USD is showing non-directional performance as the street is divided about further interest rate roadmap by the Fed.

The pair currently trades last at 1.09343.

The previous day high was 1.0971 while the previous day low was 1.0918. The daily 38.2% Fib levels comes at 1.0938, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.095, expected to provide resistance.

The EUR/USD pair is oscillating in a narrow range around 1.0940 in the late Asian session. The major currency pair is demonstrating a non-directional performance as the street is divided about the further roadmap of interest rate policy to be attempted by the Federal Reserve (Fed).

S&P500 futures are showing some losses in the Asian session as investors are cautious due to the extended weekend in the United States. The US markets are closed on Monday on account of Juneteenth.

The US Dollar Index (DXY) is also showing a sideways performance as investors are mixed about further policy rate guidance by the Fed. Last week, Fed chair Jerome Powell allowed interest rates to remain steady but delivered hawkish guidance citing that two small interest rate hikes are appropriate

Considering the US economic outlook and softening US consumer inflation expectations, the street believes that the Fed might announce only one rate hike this year, according to the CME Fedwatch tool. On Friday, preliminary five-year consumer inflation expectations were softened to 3% vs. the estimates and the prior release of 3.0%. While current consumer and producer inflation has softened sharply due to lower gasoline prices.

Apart from that, US labor market conditions have softened sharply as firms are facing pressure from higher interest rates and tight credit conditions by US regional banks.

On the Eurozone front,

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0935 at the time of writing. Pair opened at 1.094 and is trading with a change of -0.05 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0764, 50 SMA 1.0879, 100 SMA @ 1.0807 and 200 SMA @ 1.0542.

The previous day high was 1.0971 while the previous day low was 1.0918. The daily 38.2% Fib levels comes at 1.0938, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.095, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0915, 1.089, 1.0862
• Pivot resistance is noted at 1.0968, 1.0996, 1.1021

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