The EUR/USD pair consolidates its latest gains, trading within a 30 pips range ever since the day started, in an ultra-thin market. Risk appetite dominated the Asian session, with local share markets surging strongly following Friday's rallies in Europe and the US, but the financial world is striving to find a catalyst.
The macroeconomic calendar is pretty much empty during the European session, except for some minor data coming from Portugal and France. Later on the day, both the US and Canada will be observing a bank holiday, which means volumes will likely remain extremely low. Nevertheless, a couple of FED's officers will he hitting the wires, alongside with Bank of Canada governor Poloz, and all of them can trigger strong spikes, given the ongoing lack of volume.
View the Live chart of the EUR/USDAs for the EUR/USD pair technical picture, the pair stands a couple of pips below last week high at 1.1386, with the technical indicators directionless in overbought territory, and the 20 SMA extending its advance below the current level, maintaining a strong bullish slope. Should the price advance beyond 1.1400, the immediate resistance, there is scope to test 1.1460 a major long term resistance, although additional gains seem unlikely for today.
Short term buyers have been surging around 1.1340/50 ever since Friday's American afternoon, which means that the price needs to accelerate below this region to correct some towards the 1.1290 price zone, where buying interest is expected to contain the decline.
Latest updates on the EUR/USD Forecast
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