EUR/USD in a tight range near 1.1260

The single currency is posting decent gains today following a selling mood around the greenback, with EUR/USD hovering over 1.1250/60 ahead of the opening bell in Euroland.

EUR/USD looks to Yellen

The pair is down around a cent since yesterday’s tops in the mid-1.1300s, following a pick up in the demand for the US dollar and dovish comments by ECB’s M.Draghi.

In the meantime, trade conditions are expected to shrink further as long with a cautious tone in the global markets as we get closer to the EU-UK Referendum due tomorrow.

Data wise today, USD will remain in centre stage in light of the release of Existing Home Sales and another testimony by Chairwoman J.Yellen.

EUR/USD levels to watch

The pair is now advancing 0.20% at 1.1263 and a break above 1.1302 (55-day sma) would open the door to 1.1338 (downtrend from 1.1617) and finally 1.1417 (high Jun.8). On the other hand, the immediate support aligns at 1.1186 (uptrend from 1.0820) followed by 1.1129 (low Jun.16) and finally 1.1100 (200-day sma).