EUR/USD finds support at 1.1140

EUR/USD turned to the downside during the European session and erased all gains. The pair bottomed at 1.1138, the lowest level since last Thursday and then rebounded toward 1.1150.

The euro is hovering around 1.1150, marginally below Friday’s closing price. Price action moves remain limited amid a low volume session with US market closed (Labor day holiday). The distance between daily high and low is less than 50 pips.

The economic calender in the US is light for the current week and in Eurozone, the most relevant report will be the European Central Bank meeting on Thursday.

Technical levels

In the short-term, to the upside, resistance levels could be located at 1.1160 (20-hour moving average), 1.1180/81 (daily high) and 1.1203 (10-day SMA) . On the opposite direction, support might lie at 1.1140 (daily low), 1.1120/25 (Aug 31 low / 200-day SMA) and 1.1105 (Aug 08 high).