Forex: EUR/USD stuck at 1.3040 with empty economic calendar ahead

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FXstreet.com (Barcelona) - The EUR/USD keeps trading under a tight range, around 1.3040, after the early European session bounce from 1.3017 low. The pair is under pressure on Monday as the 1.3070 area wasn't able to hold the pair from the downside.

With an empty economic calendar ahead, investors may start pricing in expectations of what is to come over the next days, including EMU unemployment rate, consumer confidence, retail sales, and Germany trade balance tomorrow, EMU GDP on Wednesday, and the ECB's monetary policy announcement on Thursday. US data will mostly be overshadowed by the European economic calendar, as well as China retail sales, industrial production, trade balance, and CPI over the week.

"EUR/USD bounced last Friday. However, as long as the resistance at 1.3121 (intraday high) holds, further short-term weakness is favored. Monitor the support implied by the medium term rising trendline (around 1.2970)", wrote MIG Bank analyst Bijoy Kar, pointing to another support is at 1.2875.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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