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Forex: EUR/USD remains capped below 1.3550

After briefly dipping below the 1.3500 level to hit a low of 1.3493, the euro managed to trim losses against the greenback, although the recovery was capped by the 1.3545 area. This way, the EUR/USD was confined to a range and a consolidation phase as investors refrain from taking big positions ahead of the ECB meeting.

At time of writing, EUR/USD is trading around 1.3530, still down 0.4% on the day. On a broader view however, the pair remains in consolidation after rejection from 1.3710 was contained by 1.3460 on Tuesday.

In terms of technical levels, the Talking-Forex.com team locates next supports at 1.3415, the 21DMA line at 1.3377 and then at 1.3349. "On the other hand, resistance levels are seen at 1.3615 which is 62% retracement of the latest sell-off, followed by 1.3711 and then at 1.3836 which is the 62% retracement of the May 2011 to July 2012 sell-off."

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