EUR/USD in flat-lining below 50-DMA, EZ IP eyed

EUR/USD extends its upside consolidation into early Europe, keeping range below 50-DMA barrier located at 1.1301 as all eyes now remain on the FOMC decision due tomorrow.

EUR/USD support at 1.1285

Currently, EUR/USD trades almost unchanged at 1.1292, struggling hard to take out 1.1300 levels. The main currency pair trades around a flat-line this Tuesday, extending its overnight side-trend, as markets turn cautious and jump on the side-lines on the back of increased Brexit worries on one hand, while upcoming Fed decision along with the forecasts keep investors unnerved on the other.

It’s widely expected that the Fed will maintain the status-quo at its policy decision on Wednesday, particularly after awful May jobs report. In the meantime, the major may get influenced by the Eurozone industrial production figures ahead of the US retail sales data lined up for release in the NA session.

The US retail sales are expected to slow down to a 0.3% hike in May month-to-month, a decline from 1.3% booked previously. The less volatile gauge, excluding auto, is expected to hit 0.4% during the same period, deterioration from 0.8% previously.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1301/03 (50-DMA/ Jun 13 High). A break beyond the last, doors will open for a test of 1.1321 (1h 100-SMA/ 10-DMA). On the flip side, the immediate support is placed at 1.1242/38 (100 & 20-DMA) below which at 1.1200 (key support) could be tested.