EUR/USD looking for reason not to stay still

The release of a better-than-expected ADP survey today is showing some vital signs in the greenback, which was seen higher across the board. EUR/USD dropped to 1.0633, but closed few pips above this level, supported mainly by the bad numbers on Markit Services PMIs for the EU.

MC Minutes released in the US afternoon exposed Fed’s intentions to shrink its balance sheet during the current year, which additionally fuelled the US dollar, although markets were quite careful in movements. It seems that investors need stronger reason to buy the greenback, at least against the single currency.

Lately the EUR/USD pair is caught in tight range but according to the technical readings on the four-hour time frame the risk remains towards downwards.The pair is experiencing difficulties to push higher above the the 20-day SMA, which is tending to south currently. RSI has switched to bullish mode, but yet is below mid-lines, while stochastic is caught in the middle  and is trending to lows. 

Whereas the pair is standing still we should consider the key support level at 1.0620, as in case of breaking it, bears would be poised to chase 1.0565.

Among the complicated macro economic development on both shores, the speculative interest needs something stronger to stir the markets.