EUR/USD continues to move sideways at around 1.0850 in the European session on Monday after closing the previous week virtually unchanged.
EUR/USD trades slightly below 1.0850 in the European morning on Monday. 1.0830 aligns as important support in the near term. US economic docket will feature ISM Manufacturing PMI data for May. 1.0830 aligns as key support and technical sellers could show interest if this level fails. After the data from the US showed on Friday thatinflation, as measured by the change in the Personal Consumption Expenditures Price Index, rose 2.
Nevertheless, investors could refrain from taking large positions ahead of the European Central Bank monetary policy announcements and the May jobs report from the US in the second half of the week. EUR/USD Technical Analysis The Fibonacci 23.6% retracement level of the latest uptrend and the lower limit of the ascending regression channel form key support at 1.0830. The 20-day Simple Moving Average also reinforces this level. In case EUR/USD drops below 1.
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