EUR/USD keeps the range around 1.3070

Fxstreet.com (Edinburgh) - The bloc currency remains locked within a narrow range on Wednesday, confining the EUR/USD to navigate between 1.3060 and 1.3080 so far.

EUR/USD eyeing the EcoFin meeting

As the EcoFin gathering is looming, David Song, Currency Analyst at DailyFX, commented, “The governments operating under the single currency may put increased pressure on the European Central Bank to shore up the ailing economy as they struggle to meet on common ground. In turn, we should see ECB President Mario Draghi further embark on the easing cycle in the second-half of the year, and it seems as though the Governing Council will resort to more non-standard measures over the coming months as the economic downturn threatens price stability”.

EUR/USD levels to watch

At the moment the pair is down 0.07% at 1.3071 and a violation of 1.3055 (low Jun.26) would target 1.3053 (low Jun.5) en route to 1.3043 (low Jun.4). On the upside, resistance levels align at 1.3151 (high Jun.25) followed by 1.3161 (low Jun.20) and finally 1.3177 (low Jun.10).