The EUR/USD pair remains flat around 1.0770 on Monday during the early European trading hours.
EUR/USD oscillates in a narrow trading range near 1.0770in Monday’s early European session. The pair maintains the bearish outlook below the key EMA. The immediate resistance level will emerge at the 1.0790–1.0800 region; the initial support levelisseenat 1.0724. The pair struggles to find a clear direction ahead of the key US events this week. The US April Producer Price Index will be due on Tuesday,andthe final reading of the Consumer Price Index willbe releasedon Wednesday.
0885. Further north, the next hurdle isseennear a high of March 21 at 1.0943, en route to a high of March 8 at 1.0981, andfinallythe 1.1000 psychological level. On the flip side, the initial support levelislocatedaround a low of May 9 at 1.0724. Any follow-through selling below this level willsee adrop to a low of May 2 at 1.0650, en route toa low of April 16 at 1.0600.The additional downside filter to watch is the lower limit of the descending trend channel at 1.0515.
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