The euro retreated against the US dollar on Monday, with losses limited in expectation of FEDs policy meeting on Wednesday.
EUR/USD fell to a session low at 1.3318 during the later phase of the Asian trade, after which consolidation followed at 1.3328. The pair slipped by a mere 0.09% for the day. Support was expected at June 13th low, 1.3277, while resistance was to be encountered at June 13th high and four-month high, 1.3389.
Market players were looking ahead to the Federal Reserve Bank’s rate statement on Wednesday, while uncertainty remained what the banks next move will be. Additionally, the euro was under ongoing support after statements appeared earlier this month, that the European Central Bank would not consider implementation of negative rates on deposits.
Meanwhile, the euro advanced against the Japanese yen, with EUR/JPY up by 0.68% to 126.48.
The euro zone was expected to release official data, regarding the trade balance later on Monday.
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