EUR/USD holds near 1.0700, unchanged for the day

EUR/USD is consolidating slightly below the 1.0700 handle, at the same level, it closed last week. During the American session, the pair erased losses. 

EUR/USD up, down and flat

The euro opened the week higher against the US Dollar and climbed toward 1.0750 but then, turned sharply to the downside, and fell to 1.0619, hitting the lowest since January 19. Then it moved back to 1.0700 and is about to end the day flat. 

The pair followed what the US dollar did across the board and it was unaffected by economic data neither from the Eurozone, nor from the US. 

On Tuesday, Q4 GDP, inflation, and unemployment data will be release in the Eurozone while in the US the key report will be the employment cost index. The FOMC 2-day meeting will start tomorrow and the decision and the statement will be released on Wednesday. 

EUR/USD technical outlook 

“The pair looks vulnerable towards the downside at current levels, as it broke below the daily ascendant trend line coming from this month low of 1.0340, and the late US session pullback was unable to advance beyond it,” said Valeria Bednarik, Chief Analyst at FXStreet. 

According to her the 4-hour chart, shows a technical resistance around 1.0700/10, where the pair has a trend line, a Fibonacci retracement, and a bearish 20-SMA. “A stronger one comes around 1.0770, the 100 DMA.”