EUR/USD is a little weaker on the day as price sticks to the 100-hour MA
Price action continues to stick just below the 1.1200 handle and close to the 100-hour MA (red line) as buyers and sellers continue to do battle to try and establish more momentum to start the new week.
The key risk event in the next hour will be euro area data at 1000 GMT where we will get retail sales and consumer inflation data.
The former is expected to rebound amid stronger consumption activity ahead of the holiday season while the latter is expected to show more robust price pressures - although the core reading is expected to keep steady at +1.3% y/y.
I reckon the threshold for a move above 1.1200 is a bit high and would require a noticeable beat on both fronts, particularly core inflation data.
Otherwise, price action could well still be caught in this tepid range of being just under 1.1200 but buyers not losing momentum in a move towards the 200-hour MA (blue line) or even the 200-day MA, which is seen @ 1.1141 today.
Looking further ahead, we'll have US ISM non-manufacturing PMI later in the day so perhaps that may offer something for the pair to go on if anything else.
