EUR/USD clings to 1.1200

EUR/USD has spent the last hours in quiet consolidation mode after hitting fresh 7-week lows sub-1.1200, with the greenback outperforming other majors on the back of the FOMC minutes residuary effect.

EUR/USD bottomed out at 1.1179 during the European session but managed to regain the 1.12 mark following disappointing US data readings. With the upside capped by 1.1227, the pair was confined to a range. At time of writing, EUR/USD is trading at 1.1203, recording a 0.11% loss on the day.

Today, the ECB meeting accounts revealed the Governing Council is strongly committed to revive inflation to the 2% target in the Eurozone.

EUR/USD levels to watch

In terms of technical levels, immediate supports are seen at 1.1149 (100-day SMA), 1.1100 (200-day SMA/psychological level) and 1.1057 (Mar 16 low). On the flip side, resistances line up at 1.1230 (May 19 high), 1.1315 (50-day SMA/May 18 high) and 1.1356 (20-day SMA).