EUR/USD parked around 1.1400 amidst low volatility

• The pair alternates gains with losses around the 1.1400 handle.
• The greenback keeps holding on to 96.00 on data.
• US Philly Fed index came in above expectations in January.

EUR/USD keeps navigating the area of weekly lows around the 1.1400 handle amidst a generalized low volatility in the global markets.

EUR/USD supported near 1.1380/70

The pair exchanges advances and pullbacks on Thursday, although it appears well supported in the 1.1380/70 band while gains are so far struggling to move further north of the 1.1410 zone.

In the US data space, Initial Claims rose at a weekly 213K and the more relevant Philly Fed manufacturing index came in on a strong note at 17.0 for the current month, almost doubling forecasts and December’s 9.1 reading.

Earlier in the session, EMU’s final December CPI came in flat inter-month (from -0.2% preliminary) and rose at an annualized 1.6%, in line with previous prints.

What to look for around EUR/USD

EUR continues to struggle for direction today amidst a globalized absence of volatility, while the recent dovish message from ECB’s Draghi appears to be also weighing on investors’ mood. Moving forward, the ongoing slowdown in the euro area and upcoming events including discussions around the French budget, Brexit and EU Parliamentary elections in May should keep occasional bullish attempts well contained.

EUR/USD levels to watch

At the moment, the pair is up 0.03% at 1.1394 and a break above 1.1424 (high Jan.16) would target 1.1442 (38.2% Fibo of the September-November drop) and finally 1.1467 (100-day SMA). On the downside, the next support aligns at 1.1356 (23.6% Fibo of the September-November drop) seconded by 1.1306 (2019 low Jan.3) and then 1.1269 (monthly low Dec.14).