•1.0616 is providing support
• 1.0708 is fluid. Currently, it is a weak resistance line
Further levels in both directions:
•Below: 1.0616, 1.0506 and 1.0414
•Above: 1.0708, 1.0873, 1.0985 and 1.1114
•Current range: 1.0616 to 1.0708
EUR/USD ratio starts the week little changed from the Friday session. Currently, short positions have a slight majority (53%), indicative of trader bias towards EUR/USD reversing directions and moving higher.
EUR/USD has edged lower in the Monday session. Currently, the pair is trading just below the 1.07 level. On the release front, Germany releases Preliminary CPI later in the day, with the estimate standing at -0.5%. In the US, today’s key event is Pending Home Sales, with the indicator expected to rebound with a strong gain of 1.6%. On Tuesday, German releases retail sales and the Eurozone will publish GDP and CPI reports. Mario Draghi will deliver remarks at a joint conference of the ECB and European Commission. In the US, we’ll get a look at CB Consumer Confidence.