The week kick started quietly, with majors trading in tight ranges during the Asian session, despite concerns over China economic slowdown continue and stocks are under pressure worldwide.
The US session will bring some first line macro readings, including the PCE price index and Pending Home sales, with the first being the most relevant, and a probable catalyst for currencies on its influence over the FED's decision to move, or not, rates.
View the Live chart of the EUR/USD
In the meantime, the EUR/USD pair 4 hours chart shows that the neutral stance seen on previous updates prevails. The price is hovering around a flat 20 SMA in the 1.1200 price zone, while the technical indicators head nowhere around their mid-lines. The intraday range shows that the pair set a low at 1.1160, a major static support, whilst short term sellers are again surging in the 1.1210/20 region. A downward acceleration below the mentioned low should lead to a test of the 1.1100/20 price zone, where the pair stalled multiple times in the past few months, whilst some follow through beyond 1.1230 on dollar bearishness can see the pair rallying up to the 1.1280 level.
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