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Uninspired markets are resulting in quiet ranges across the forex board with the EUR/USD pair stuck below in the 1.1370/80 region. Local share markets opened slightly higher, whilst commodities remain near Friday's lows, unable to attract investors so far today. 

In Europe,  the Sentix index of general business confidence for the Eurozone increased marginally to 5.7 from the previous 5.5, but below market's expectations of  6.9, partially weighing on the common currency. In the US, some minor waged and production data will be released, but the dollar will likely react better to sentiment and stocks.

View the Live chart of the EUR/USD


In the meantime, the 4 hours chart for the EUR/USD par shows that the price is resting above a bullish 20 SMA, whilst the technical indicators have turned lower within positive territory, limiting the upside but with no clear signs of a downward upcoming move. 

Friday's low was set at 1.1333, being the level to break to trigger a bearish continuation down to 1.1280, although sentiment towards the greenback is still negative, which means investors will be willing to buy the pair at lower levels.

Above 1.1400 on the other hand the pair should quickly recover up to 1.1440/60, a major static resistance level, with additional gains beyond this last targeting the 1.1500 level. 

Latest updates on the EUR/USD Forecast


 

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