The EUR/USD pair remains within a narrow range of 1.0979-1.1058. In line with expectations, the European Central Bank left its benchmark interest rate at 0% and the deposit rate at minus 0.4%. ECB President Mario Draghi at the same time stated the possibility of further monetary easing at the next meeting in September. That, however, had no strong impact on market dynamics.
Today some important macroeconomic indicators were released in Germany and the EU. In particular, Germany’s Markit Services PMI grew to 54.6 points while EU Markit Services PMI was slightly down to 52.7 points. Amid this data, the pair continued trading within the current range.
The price range of the Bollinger Bands indicator on the 4-hour chart is getting narrower, suggesting a decline in volatility. MACD histogram is in the negative zone; its volumes are gradually falling.
Support levels: 1.1010, 1.0979, 1.0911.
Resistance levels: 1.1058, 1.1083, 1.1115.