EUR/USD holds around $1.3852

A lack of news has meant the euro has failed to move meaningfully in either direction in recent sessions, but it continues to hold on to the post-ECB gains.

It has not exactly been a riveting week for EUR/USD traders, given that the currency pair remains stuck in an 80-point trading range.

The euro has lacked any real catalyst to drive it onwards from the highs of last week, which means the region just above $1.39 remains the area to watch.

An hourly chart shows the 50-period moving average is edging lower, and may shortly cross below the 100-period MA, a near-term bearish signal. However, the 200-period continues to rise while the long-term uptrend remains firmly intact.

For now, the upside target is just above $1.39, only a short distance, while support remains in the region of $1.38. A break of $1.39 still suggests a run for $1.42, the October 2011 high.

Spot FX EUR/USD chart

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.

Find articles by analysts