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Forex: EUR/USD trades in narrow range, more consolidation ahead?

FXstreet.com (Barcelona) - The EUR/USD closed the session slightly higher, up 14 pips at 1.3049. Market participants seem to be indecisive after recent economic data continues to come under expectations, and commodity prices continue to suffer severe losses.

“EUR/USD is sitting pretty much unchanged today despite some very heavy turnover. The speculative market is still keen to sell the EUR but demand was very strong yesterday from the corporate world, balancing each other out. I am finding it difficult to establish a firm bias either way in EUR/USD so I suggest range trading as the easiest strategy for now,” noted Sean Lee of FXWW.

According to analysts at FXStreet.com, “Key fresh demand lies at 1.2930/1.29, as per the April 5th drop-base-rally, which actually, if drilled down to a lower timeframe, turns out to be a 'level on top of level', thus adding weight to a potential rebound for a long play should other 'odd enhancers' align. On the upside, will likely see an imbalance in favour of sellers at 1.3120/40, a swap level.”

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Forex: EUR/JPY quiet above 128.00

EUR/JPY is last at 128.30, mostly flat for the Asia-Pacific so far, while slightly lower for the week, after recovering from Wednesday's lows at 126.50. As reported by FXWW founder Sean Lee there would be “Solid bids near 1.3025 EUR/USD,” which could limit the downside for the cross as well.
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