EUR/USD strives for a direction, trading sideways around 1.0770 in Monday’s European session.
EUR/USD consolidates around 1.0770 as the US Dollar steadies in the aftermath of US data. ECB Stournaras sees the central bank reducing interest rates three times this year. Weak US labor market data and poor ISM Services PMI darkens the US economic outlook. The major currency pair consolidates as the Eurozone economic calendar lacks tier-1 data this week. The European Central Bank is widely anticipated to shift to policy normalization in the June meeting.
The near-term appeal of the shared currency pair is upbeat as it is trading above the 20-day Exponential Moving Average , which trades around 1.0730. Broadly, EUR/USD exhibits a sharp volatility contraction due to a Symmetrical Triangle formation on a daily timeframe. The upward-sloping border of the triangle pattern is plotted from October 3 low at 1.0448 and the downward-sloping border is placed from December 28 high around 1.1140. The 14-period Relative Strength Index shifts into the 40.
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