EUR/USD muted around 50-DMA on German data

EUR/USD remains little changed following the release of below estimates German factory orders data, keeping range near the mid-point of 1.11 handle.

EUR/USD capped below 200 & 5-DMA confluence at 1.1161

Currently, EUR/USD trades almost unchanged at 1.1148, having posted day’s high at 1.1158 and day’s low at 1.1141. The main currency pair continues to move back and forth in a 20-pips narrow range, with the upside capped by the 200 & 5-DMA confluence zone and the downside cushioned near 50-DMA, now located at 1.1145.

The EUR/USD pair trades largely comatose and fails to react to the German industrial orders data, which showed that the factory orders rose 0.2% in July, although missed estimates of a 0.5% rise in the reported month.

Markets now look forward to the US macro releases due later in the NA session for fresh cues on the major, ahead of the main risk event for the week, the ECB policy decision, scheduled on Thursday.

EUR/USD Technical Levels               

In terms of technicals, the pair finds the immediate resistance 1.1200 (round number). A break beyond the last, doors will open for a test of 1.1230 (20-DMA). On the flip side, the immediate support is placed at 1.1127 (daily S1) below which 1.1100 (psychological levels) could be tested.