The euro gave back some of the gains from last week. Economic data from both the eurozone and the US was sparse. The dollar gained as investors rushed to the safe-haven USD in response to the drone attacks on Saudi oil facilities. Investors will be looking to the German ZEW economic sentiment report due later today.
EUR/USD Reverses Gains
The currency pair erased some of the gains from last week’s ECB meeting. Price slipped off the support level of 1.1030 to test the dynamic support of the trend line. The pair could now move into a consolidation phase below the support/resistance level. To the downside, the lower support area of 1.0944 – 1.0925 could be tested if the bearish momentum continues.