EURO LACKING DIRECTION AHEAD OF YELLEN TESTIMONY

The EURUSD pair continues to move in an increasingly tight trading range between 1.1380 and 1.1418, ahead of Federal Reserve Chair Janet Yellen's semi-annual testimony on Capitol Hill on Wednesday.

The economic calendar remains fairly light on Tuesday, with May industrial production figures for the Italian economy being released during the European session. Later in the U.S session we see the release of JOLTS job opening data, and a key speech from FOMC voting member Lael Brainard.

The EURUSD remains bearish in the short time, but remains strongly bullish in medium and long term.

The pair currently trades below the calculated daily pivot point at 1.1399, but is however managing to close price above the weekly calculated pivot point at 1.1385.

Key intraday technical support is found at 1.1380, and 1.1361, which is the 61.8% Fibonacci retracement of the previous week's trading range, between 1.1312 and 1.1440.

EURUSD resistance is found at the calculated daily pivot point, at 1.1400, and the Monday swing price high, currently found at 1.1418.