EUR/USD: Still under bearish pressure

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EUR/USD is probably the most important currency pair to watch ahead of FOMC Minutes. The currency pair prints a three-day downtrend, as all eyes remain on the key Fed meeting minutes. The market’s cautious sentiment ahead of the week’s key events, namely the FOMC Minutes and a special meeting of the European Central Bank (ECB) seems to probe risk appetite, as well as EUR/USD traders, by the press time.

The EUR/USD pair retested last week’s lows near 1.1800 before rebounding slightly. The bias remains for it to retest the 1.1800 support, ahead of the year-to-date low at 1.1704.

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