The EURUSD pair has been calm on Monday and showed no trading activity so far on the day, with the pair trading flattish around 1.24 during the London session.
There are no major macro data on the agenda today, with only the euro zone current account being released shortly, which is expected to slow slightly from 32.5 billion EUR to 30.5 billion EUR. This should not influence the euro, however.
Moving ahead, this week’s key event risks, including the FOMC and ECB monetary meeting minutes, might cause some bigger movements on the FX market.
The Euro failed to stay above the broken bearish trend line and it would appear that the 1.25 area still contains some big selling orders as the pair has failed here for a couple of times.
The medium-term trend is still bullish as long as the pair trades above 1.23, but the inability to decisively break the 1.25 handle might cause some frustration in the bullish camp.
The first resistance is located at 1.25 and if not held, further selling offers are expected at the current cycle highs near 1.2550. On the downside, the support is at 1.24 and the major support for the actual bullish structure stands at 1.23. In all cases we strongly recommend to have rigorous money and risk management.
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