The EUR/USD pair is trading subdued around 1.1550 during early European session Monday as the US Dollar stages a rebound following Friday’s sharp decline. The pair has edged lower from recent gains as dollar strength returns to markets, though the Euro maintains position above the 1.15 handle. The pullback represents a technical consolidation after the greenback’s significant weakness at the end of last week.
Traders and forex brokers should monitor the 1.1550 support level closely, as a hold above this threshold could set up the pair for another push toward the 1.1620 upside target indicated in technical forecasts. Market participants trading EUR/USD are navigating heightened volatility as the pair oscillates between dollar recovery attempts and Euro strength. The current price action suggests indecision in early Monday trading as markets digest Friday’s USD selloff.
FXnCO Insight
Watch for a decisive break above 1.1550 to position for potential upside toward 1.1620, while a failure to hold this level may trigger short-term profit-taking.
Source: FXStreet