Subdued Price Action

Dear Traders,

Trading was subdued on Monday with both major currency pairs fluctuating in tight ranges.

As expected, the euro recovered some of its losses towards 1.1650 after it failed to break below 1.1550. As mentioned in yesterday’s analysis, a near-term resistance is in the 1.1650-1.1720 region from where sellers in the EUR/USD may take the opportunity to sell euros at higher levels.

ECB President Draghi will deliver another speech today (8:00 UTC) at the ECB Forum in Sintra, Portugal.

The GBP/USD has shown little willingness to test the 1.32-level and finally headed towards 1.3280 this morning. A next hurdle could come in at 1.33 now, followed by 1.3420.

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