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EUR/USD pair is stuck in a range and awaits major data this week. Traders will have both Eurozone and US economic calendar to potentially find catalysts that will move the EUR/USD.
EUR/USD is moving sideways during the US holiday, the pair seems reluctant to leave Friday’s price range. The Euro has moved a small distance between 1.0670 and 1.0704 vs. the US Dollar so far on the day.
Liquidity is expected to remain thin for the remainder of the day with US markets closed for Presidents’ Day. However, there is plenty at stake this week and from a technical standpoint, big moves are on the horizon.
Latest US data reinforced market expectations of tighter monetary policy from the Fed over the last several days, fueling a firm recovery in the US dollar last week. The DXY index, which measures the dollar’s performance versus six major currencies, rallied from a double-bottom low in the 102.50s last week and reached a high of 104.67, a six-week high.
