EUR/USD sidelined below 1.0940 ahead of plenty of risk events

The EUR/USD pair is seen consolidating yesterday’s rebound from 1.0890 region, fluctuating between gains and losses below the mid-point of 1.09 handle so far this session.

Further upside in the spot lacks momentum as the USD sell-off appears to have run out of steam, while investors remain on the back foot and refrain from placing big directional bets ahead of plenty of risk events due on the cards from both continents.

The EUR calendar offers the German employment data, followed by the crucial Eurozone preliminary flash GDP report, which is expected to show an increase to 0.5% in Q1 versus 0.4% last. Also, French election televised debate between the independent candidate Macron and National front-leader Le Pen will have a major impact on the sentiment around the Euro.

Moreover, the US ADP jobs report combined with the FOMC decision will emerge the key drivers in the NA session.

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0949/51 (Apr 28 & 24 high), 1.0967 (classic R2/ Fib R3) and finally 1.1000 (key resistance). On the flip side, the spot finds next support at 1.0917/13 (daily pivot/ 5-DMA), a break below that level could open the door to 1.0901/00 (10-DMA/ round number) and 1.0886/82 (May 3 & 2 low).