EUR/USD rebounds from 1.0635 and trims losses

EUR/USD bounced from the lowest level in almost three weeks and rose toward daily highs. Still, the pair continues to move in a daily range of less than 40 pips. 

The pair bottomed at 1.0634, the lowest since March 15 (the day of the FOMC statement) and rebounded. During the American session, the euro gained momentum and climbed above the 20-hour moving average. It rose to 1.0669 and currently trades at 1.0660/65, slightly below yesterday’s closing price. 

Most majors are moving in minor ranges without a clear direction on Tuesday. Equity prices in Wall Street are in positive territory after rising during the last four hours. In the bond market, yields are now up for the day, after hitting earlier today monthly lows. 

Technical levels 

To the downside, immediate support levels might be located at 1.0655 (20-hour moving average), 1.0630/35 (daily low), 1.0600 (psychological). On the opposite direction, resistance might be seen at 1.0675 (daily high), 1.0700/05 (Mar 31 high) and 1.0735/40 (Mar 29 low).