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EUR/USD struggling after setting a lower monthly close

On Friday the EUR/USD fell to a new interim low at 1.0768. That low came at the start of what was a curtailed European session owing to the Good Friday holiday. The rebound that came later in the day was after the important US PCE report, that did not rise above consensus and pretty much matched forecasts. The rebound in the Euro was less than impressive though and it only managed to climb to 1.0805. It later ended the US session at 1.0790 and that effective monthly close below 1.0800 was hardly encouraging for Euro bulls. That is especially the case when one looks at the shooting star formation on the monthly candle chart. The price action so far today has been very contained though and with most of Europe still closed, that price action might have to wait for some further, important US data later this afternoon (US ISM manufacturing Index), but more on that later today. Meanwhile, the EUR/USD has traded a ranged covered by 1.0783 to 1.0799. It is right now at 1.0787

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