EUR/USD quiet to start the day, ECB in focus this week

EUR/USD not doing a whole lot with anticipation of a US holiday as well

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The pair is looking rather quiet, trading within a 24 pips range between 1.1825 and 1.1849 on the day and price action is also not suggestive of much change for now.

Sellers are still keeping near-term control as price holds below both the key hourly moving averages (seen @ 1.1862-68 currently) while the 1.1800 level and a near-term trendline support are still holding firm going into the daily closes recently.

In any case, trading today might end up being a quiet one for the pair with the US on holiday and large expiries seen at 1.1800-10 rolling off later in the day.

The latter is likely to keep price action supported while the key hourly moving averages are likely to limit any topside moves as well during the next few sessions.

For trading this week though, the euro currency might be caught in limbo up until Thursday as it awaits more clues from the ECB and Lagarde’s press conference.

The central bank already highlighted last week that it is slightly uncomfortable with the rise in the euro and that will be a key message to watch out for later in the week.

As such, it is tough to envision much upside for the euro in the meantime and for now, near-term support levels are also holding up in EUR/USD.

If anything, the dollar side of the equation is going to be the focus in the pair over the coming days before we get to the ECB as the euro should stay sidelined.

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