Do not rule out another visit to 1.2100

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  • The EUR / USD so far in a session with limited travel around 1.2150.
  • Strong support is expected near 1.2100.

EUR / USD is trading within a narrow range around 1.2150 as market participants continue to digest Friday’s non-farm payrolls.

Moving to a consolidation phase remains a very short-term possibility, especially ahead of Thursday’s key meeting of the European Central Bank (ECB). Meanwhile, the area around 1.2100 is expected to contain the lows should the weakness renew in the coming sessions.

On the broader view, the constructive stance on EUR / USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1981.

EUR / USD day chart

EUR/USD

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