The EUR/USD pair oscillates in a narrow trading band during the Asian session on Monday and consolidates last week's strong gains to its highest level since September 14 touched on Friday.
EUR/USD enters a bullish consolidation phase near a multi-week high touched on Friday. A modest USD uptick turns out to be a key factor that is acting as a headwind for the pair. Bets that the Fed will maintain the status quo in December should cap gains for the USD. Spot prices, however, remain below mid-1.0700s in the wake of a modest US Dollar uptick.
That said, extremely oversold conditions on hourly charts hold back traders from placing fresh bearish bets around the USD. Nevertheless, the aforementioned fundamental backdrop suggests that the path of least resistance for the Greenback is to the downside and supports prospects for a further near-term appreciating move for the EUR/USD pair.
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