Market trades in slow motion at the beginning of the week, with European and antipodean currencies taking different directions against the greenback. The common currency is under pressure as local stocks opened firmer and hold in the green, trading around 1.0950 against its American rival.
The EU will release its Industrial Production data for October, expected to have improved compared to the previous months, whilst ECB's Draghi is due to speak at a conference in Italy, not linked to the Central Bank. There will be no economic releases in the US.
View the Live chart of the EUR/USD
Technically, the 4 hours chart favors another leg south, as the price is unable to advance above a horizontal 20 SMA, while the technical indicators present tepid bearish slopes below their mid-lines. Below the daily low of 1.0945, the pair can extend its decline towards the 1.0880/900 region, while above 1.0975 the pair can see some additional demand and advance up to 1.1010.
Nevertheless, and considering FED's meeting later this week, the pair will most likely trade in tight intraday ranges ahead of it.
Latest updates on the EUR/USD Forecast
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