EUR/USD holding minor gains to 1.1165 ahead of US factory orders data

Despite of the prevalent global risk-off sentiment, the EUR/USD pair remained on the sideline and continued oscillating within its recent trading range.

Currently trading around mid-point of 1.1100-1.1200 handle, the pair remains well anchored above the very important 200-day SMA support near 1.1100 mark ahead of the US Factory Orders data. 

Earlier on Tuesday, the pair surged to 1.1186 led by slightly better-than initially expected Euro-zone services PMI prints and in-line with expected monthly retail sales data. The bullish spike, however, was capped as global uncertainty has been the key factor weighing on investor sentiment.

Moving ahead, investors now turn their focus to this week's key fundamental triggers that include - FOMC meeting minutes on Wednesday and of the key US monthly jobs report on Friday, commonly known as NFP, that would determine the near-term direction of the pair. Investors will also scrutinize ECB President Mario Draghi's comments, when he speaks at the 8th ECB Statistics Conference on Wednesday.

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet, notes, "the 1 hour chart shows that  the pair maintains its neutral stance, as the price hovers around its 20 SMA whilst the technical indicators head nowhere around their mid-lines. In the 4 hours chart, a bullish 20 SMA continues acting as intraday support, now around 1.1125, while the technical indicators have turned lower within neutral territory, lacking clear directional strength. A break below the mentioned 20 SMA should fuel the decline, with scope to extend down to 1.1050, the pair's comfort zone from last week."

"Support levels: 1.1125 1.1080 1.1050
Resistance levels: 1.1185  1.1240 1.1280"