EUR/USD posts modest gains under the 1.0900 barrier on the softer US Dollar

EUR/USD kicks off the new week on a positive note on the weaker USD.
The chance for a Fed rate cut at the March meeting fell to 49.3%, a slide from 81% just a week ago.
The European Central Bank (ECB) is expected to maintain the interest rate unchanged at its January meeting.
The ECB rate decision, US GDP (Q4), and US Core PCE data will be in the spotlight this week.

Lallalit Srijandorn FXStreet

The EUR/USD pair posts modest gains under the 1.0900 barrier during the early Asian trading hours on Monday. The European Central Bank's (ECB) January monetary policy meeting on Thursday will be a closely watched event by traders. At press time, EUR/USD is trading at 1.0897, up 0.03% on the day.

The markets have become less convinced that the Federal Reserve (Fed) will cut the interest rate in March after the US economic data last week, including Retail Sales and Consumer Sentiment Index showed an improvement in the US economy. According to the CME FedWatch Tool, the odds for a cut at the March meeting fell to 49.3%, a slide from 81% just a week ago.

On the other hand, the ECB Governing Council members are cautious about prematurely easing financial conditions. No change is anticipated at its January policy meeting on Thursday. Nonetheless, traders will take more cues from ECB President Christine Lagarde's speech after the meeting whether she confirms the first rate cuts this year. Investors believe the ECB will begin cutting interest rates in spring, as sustained progress towards the 2% inflation target is driven by the implementation of tighter real policy rates.

The ECB monetary policy decision will be announced on Thursday, with no change in policy expected. Also, the US preliminary Gross Domestic Product Annualized (Q4) will be due on Thursday. On Friday, the Commerce Department will release the December reading on the Personal Consumption Expenditures Price Index (PCE), a favorite Fed inflation gauge.

EUR/USD

Overview
Today last price	1.0897
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.0895

Trends
Daily SMA20	1.0965
Daily SMA50	1.0918
Daily SMA100	1.077
Daily SMA200	1.0846

Levels
Previous Daily High	1.0896
Previous Daily Low	1.0866
Previous Weekly High	1.0967
Previous Weekly Low	1.0844
Previous Monthly High	1.114
Previous Monthly Low	1.0724
Daily Fibonacci 38.2%	1.0885
Daily Fibonacci 61.8%	1.0877
Daily Pivot Point S1	1.0875
Daily Pivot Point S2	1.0855
Daily Pivot Point S3	1.0844
Daily Pivot Point R1	1.0906
Daily Pivot Point R2	1.0917
Daily Pivot Point R3	1.0937

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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