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EUR/USD flat around 1.058 as ECB meeting nears

© Dukascopy Bank SA
"The market is in a chicken race to sell the euro. Everyone is selling the euro while looking for a timing to buy it back."
- Resona Bank (based on Reuters)

Pair's Outlook
EUR/USD hovered modestly to the downside on Monday, but the currency pair saw few opportunities to be dragged significantly lower in course of the session. Euro-traders are waiting for the ECB gathering on Thursday, the main event this week. The crucial support remains unchanged, with the 1.0542/19 area pulling together three technical levels including weekly S1, lower Bollinger band and April low. Additional demand is offered by weekly S2/March low at 1.0492/61. From the other side, any possible gains will eventually confront a strong resistance at 1.0716/39.

Traders' Sentiment
The Dollar became a bit more popular during the last day of November, as the bearish share picked up from 48% to 51%. Most of the commands, however, are set to sell the 19-nation currency.

© Dukascopy Bank SA


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