Investing.com - The euro edged lower against the dollar on Monday ahead of U.S. economic data, but remained supported close to two-year highs on the view that the Federal Reserve is likely to continue its stimulus program into early next year.
EUR/USD hit 1.3782 during European afternoon trade, the session low; the pair subsequently consolidated at 1.3790, dipping 0.10%.
The pair was likely to find support at 1.3740, the low of October 23 and resistance at 1.3831, Friday’s high and the highest since November 2011.
The U.S. was to release data on industrial production and pending home sales later Monday.
Market participants were also looking ahead to the Fed’s upcoming policy meeting later in the week after recent disappointing economic data cemented expectations that the central bank will maintain the current pace of its asset purchase program into the first quarter of next year.
Data on Friday showed that an index of U.S. consumer sentiment was revised down to a 10-month low in October on concerns over the economic impact of the recent 16-day government shutdown.
The euro was higher against the yen, with EUR/JPY rising 0.20% to 134.70.
Elsewhere, the single currency edged lower against the pound, with EUR/GBP slipping 0.09% to 0.8529.
EUR/USD hit 1.3782 during European afternoon trade, the session low; the pair subsequently consolidated at 1.3790, dipping 0.10%.
The pair was likely to find support at 1.3740, the low of October 23 and resistance at 1.3831, Friday’s high and the highest since November 2011.
The U.S. was to release data on industrial production and pending home sales later Monday.
Market participants were also looking ahead to the Fed’s upcoming policy meeting later in the week after recent disappointing economic data cemented expectations that the central bank will maintain the current pace of its asset purchase program into the first quarter of next year.
Data on Friday showed that an index of U.S. consumer sentiment was revised down to a 10-month low in October on concerns over the economic impact of the recent 16-day government shutdown.
The euro was higher against the yen, with EUR/JPY rising 0.20% to 134.70.
Elsewhere, the single currency edged lower against the pound, with EUR/GBP slipping 0.09% to 0.8529.