The Single currency continues to trade within the 1.15652 - 1.16633 range as the beat in the European ZEW Economic Sentiment figure fails to raise bullish bets by Euro bulls. Based on yesterday's reaction following the release of the sentiment figure, it seems like Euro traders are awaiting Thursday's ECB meeting before placing bets/positions on the pair. Hence, projections point towards a consolidation for the pair up until the ECB meeting. Still, investors need to keep an eye on today's U.S PPI figure as it will impact the U.S Dollar and thus, the EUR/USD pair.
The currency is consolidating between 1.15652 and 1.16633. After the release of the ZEW Economic Sentiment figures from the EU, the pair did not make any significant move signaling that traders are not taking any positions as they wait for the ECB meeting. However, today's PPI release from the U.S might change things and incentivize investors to take short term trades based on the outcome of the figure. A beat in the PPI figure will lead to a break below the 1.15652 level exposing the 1.15187.
Support: 1.15652 1.15187
Resistance: 1.16633 1.17336