The lack of economic data from the eurozone and sparse data from the United States saw the euro lacking direction.
Trading was largely subdued with most of the flows coming out of the US data. A line of big-ticket events today will likely change that.
EUR/USD Holds on to Support – Will it Bounce Higher?
The currency pair was seen retesting the support area of 1.1075 – 1.1062. This marks the correction to the downside after price rallied to highs of 1.1177 – 1.1193.
Following this retest of support, we expect the bias to be to the upside. Price action will likely struggle as it approaches the resistance area. All in all, the EURUSD should be confined to the range.
