EURUSD trades around 1.1220, focus on ECB meeting
The shared currency stays directionless at the start of the week, taking the EURUSD pair to the 1.1220 area, near Friday’s close.
Following Friday’s sharp drop spot is currently searching for direction in the midst of the generalized sideline trend prevailing in the markets.
Meanwhile, the pair has failed in the key 1.1280/90 band, starting some selling pressure albeit well contained by the 1.1200 zone for now. The failure of the pair to clear the significant resistance region in 1.1280/90 has urged sellers to come back to the markets, setting off a few tests of the 1.1200 handle, though neglecting to move further south.
The EUR is expected to stay under heavy pressure this week in light of the ECB gathering on Thursday, where additional measures of monetary stimulus could be announced. Also, on Wednesday preliminary PMI survey data for France, Germany and Euro Zone are expected for the current month.