The EURUSD pair is trading above 1.1160.
The Friday’s pullback followed advanced US Q1 GDP report which showed some cloudy insights concerning the US economy, still it’s difficult to form a strong argument of a major reversal at this stage.
For the pair, the near term bias keeps on favoring sellers as price holds under both key hourly MA. Else, I figure buying the USD on dips would in any case be the favored trade in the near term and the less hazardous trade.
The focus remains on the US PCE data as key risk event today. However we previously had a look at that from Friday’s report so I don’t know whether the release here will disclose to us anything new truly.
Significant offers lie nearer to 1.1200. On the downside support is seen closer to 1.1130-35 followed by bids around 1.1105-15.