The Euro remained steady against the Greenback on Good Friday, as it squeezed between the 200-hour SMA and the senior channel. The pair managed to break above the 55-hour moving average mid-day, but had remained trading along this line by Monday morning.
Given that the pair is likewise supported by the monthly PP and the senior channel, it is likely that the Euro tries to gain some advantage against its American counterpart in this session. Upside potential, however, is limited due to the combined resistance of the 100– and 200-hour SMAs, the weekly PP and the 23.60% Fibo. Thus, the pair is likely to continue moving in between these barriers with a slight tendency northwards.
Some volatility could be introduced by the ISM Manufacturing PMI published at 1400GMT.
