EUR/USD Posting Modest Gain in Today’s Trading

Frankfurt (April 17)  EUR/USD is up 0.23% in today’s trading, trading near the 1.0626 level after reaching a high at 1.0651. Today’s range is expected to be narrow, given the Easter Monday holiday.

However, the overall bias remains to the upside, as the Stochastic continues to move higher, but remains well below a fully overbought level.

Initial resistance at the mid-point of last Thursday’s long red candle, near the 1.0636 level, was overtaken in today’s session. This leaves initial resistance at today’s high, at the 1.0651 level. On a sustained move above here, the next target becomes last Thursday’s high at 1.0678.

Support is at the April 10th low, which comes in at 1.0569.

Regarding economic releases today, the NY Empire State Manufacturing Index will be released at 08:30 ET. This will be followed by the NAHB Housing Market Index for April at 10:00 ET.

Source: EconomicCalendar