EUR/USD stuck in tight range below 200-DMA, awaits ZEW

Amid a data-empty Asian docket, the EUR/USD pair extends its side-trend and struggles to rise above 1.1080 region, despite a mild risk-off sentiment persisting in the markets.

EUR/USD: ZEW in spotlight

Currently, EUR/USD now trades almost unchanged at 1.1075, hovering close to session highs reached at 1.1080 last hour. The main currency pair oscillates back and forth in a 20-pips narrow range, awaiting fresh impetus from the upcoming ZEW surveys for a decisive break above strong resistance that lies around 1.1180-90 zone, where 200-DMA intersects.

A lack of fresh fundamental drivers in Asia also justifies the directionless price-action currently seen in the EUR/USD pair. Hence, markets shift their focus towards the German and Eurozone ZEW economic sentiment due later in the EU session, while a set of housing data from the US will be also closely eyed for fresh incentives. Meanwhile, the main risk event for the major this week remains the ECB policy decision due out on Thursday.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1089/1.1100 (200-DMA/ round number). A break beyond the last, doors will open for a test of 1.1177 (50-DMA). On the flip side, the immediate support is placed at 1.1035/21 (Jul 18 & 15 low) below which 1.1000 (round figure) could be tested.