Forex: EUR/USD remains in narrow range during Asia session

FXstreet.com (Barcelona) - The EUR/USD is currently down 8 pips at 1.3050, with the pair not reacting much in either direction after the HSBC China PMI print came in below expectations earlier in the session. The economic calendar out of Europe will be busy in the coming session including German PMI (7:28 GMT) and European PMI (7:58 GMT).

According to analysts at FXStreet.com, “No new developments in the EUR/USD, with the supply level at 1.3120/40 -noted in several occasions in our daily report - still a sellers stronghold, while on the downside, any approach at 1.30 conventional/psychological support continues to push prices away.’ Furthermore they added,. “Should the level be broken, fresh demand lies below in the 1.2930/1.29 area, as per the April 5th drop-base-rally, a 'level on top of level', which strengthens the case to see an initial decent bounce off the level in case a test takes place in the next sessions ahead.”

Due to the trading range behavior in recent weeks, short term moving averages and momentum indicators remain in neutral set up. Until the pair can decisively make a move above or below the recent range, expect more choppy price action.