• EUR/USD eased slightly on Monday but downside was limited as investors awaited a series of crucial economic data scheduled for release throughout the week.
• This week will see the release of Eurozone industrial and economic sentiment data, Spanish flash consumer prices, German retail sales, and preliminary consumer prices reports.
• The ECB will meet on September 12 to make a decision on borrowing costs, with markets expecting a 25-basis-point cut to be announced.
• Technical signals are strongly bullish as RSI is at 70, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.1206( 23.6%fib), any close above will push the pair towards 1.1256( Higher BB).
• Strong support is seen at 1.1149(Daily low) and break below could take the pair towards 1.1000 (38.2%fib).
Recommendation: Good to buy around 1.1160, with stop loss of 1.1100 and target price of 1.1260
