Euro declines ahead of Fed and CBs meetings

Euro declined against the U. S. dollar on Monday as dollar firmed ahead of a week that will witness several central bank meetings globally.

Immediate resistance can be seen at 1.1738 (50%fib), an upside break can trigger rise towards 1.1771(61.8%fib).

On the downside, immediate support is seen at 1.1697(38.2%fib), a break below could take the EURO/USD pair towards 1.1650 (23.6%fib).

More than a dozen central banks will hold meetings this week, but traders significantly focus on the Fed where expectations for a tapering signal impacting the strength of the USD.

Fed concludes a two-day meeting on Wednesday. It is expected to stick with broad plans for tapering this year but will postpone details on a timeline for a at least a month ahead.