EUR/USD: Euro Steady At 1.0700 On A Data-Light Monday

At the beginning of the new week, EUR/USD is trading in a narrow range around 1.0700, trying to limit the losses of the previous week.

The dust of last week’s Eurozone elections has not yet settled, and the euro is therefore in doubt, and the possibility of further decline remains.

At the same time, despite the limited inflationary pressures released by the US economy, bets on the Fed’s interest rate cut at the end of the year are still increasing, which keeps the interest rate gap in favor of the dollar.

Apart from some very good reactions, there does not seem to be any catalyst at the moment that could change the momentum and the European currency will approach the level of 1.10 again.

Especially without any important macroeconomic data today, it could be a good opportunity to see EUR/USD stabilize around the 1,07 level and the euro avoid further significant declines.

The only highlight on the agenda today is the speech of ECB President Lagarde, but it would be surprising if she brings something new and changes her rhetoric after the last ECB meeting earlier this month.

My thoughts have not changed, I still remain on the sidelines, waiting for the level around 1,06 to consider the possibility of buying the euro.

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