The euro currency was seen erasing the gains on Friday as the currency pair turned flat for the week. The direction in the EURUSD is dictated by both the ECB’s expected policy decisions as well as the Fed. On Friday, the UoM’s consumer sentiment survey showed expectations falling to 98.4 from 98.6 previously. But the EURUSD was muted by and large.
EURUSD to Hold the Sideways Range
The currency pair is expected to remain range-bound in the short term. Price action continues to remain flat as the currency pair hovers between 1.1250 and 1.1188. This flat price action could keep the currency pair waiting for further clues. We expect the sideways range to continue into Wednesday’s ECB meeting.
