The EUR/USD pair struggles to gain any meaningful traction on Monday and remains confined in a narrow trading band, just above mid-1.0500s through the
EUR/USD lacks any firm intraday direction and oscillates in a narrow range on Monday. The formation of a bearish flag pattern supports prospects for some meaningful decline. A sustained strength beyond the 1.0700 mark is needed to negate the negative outlook. Asian session. The US economic resilience keeps the door open for one more rate hike by the Federal Reserve and remains supportive of elevated US Treasury bond yields.
0445 area or the YTD trough. On the flip side, Friday's swing high, nearing the 1.0600 mark, now seems to act as an immediate hurdle. A sustained strength beyond has the potential to lift the EUR/USD pair towards the 1.0665-1.0670 intermediate resistance en route to the top end of the aforementioned trend channel, currently pegged just ahead of the 1.0700 round-figure mark.
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