EUR/USD gathers pace, nears 1.1200

After a steep sell-off seen last Friday, EUR/USD managed to recover ground on Monday, as the dollar failed to extend post-CPI inspired gains.

EUR/USD bottomed out at 1.1148 late Friday but the decline paused just a few pips ahead of the 200-day SMA. The pair has been moving modestly higher on Monday, reaching a peak of 1.1182 in recent dealings. Overall EUR/USD continues to trade in a slim range, last at 1.1180, up 0.26% on the day.

In the absence of first-tier data, investors’ attention remains on the BoJ and the Fed meetings on Wednesday. 

EUR/USD levels to watch

In terms of technical levels, immediate supports could be found at 1.1145 (200-day SMA), 1.1100 (psychological level) and 1.1070 (Aug 9 low). On the flip side, resistances are seen at 1.1200 (100-day SMA/psychological level), 1.1249 (Sep 16 high), 1.1284 (Sep 9 high) and 1.1326 (Sep 8 high).