The big focus this week for the market will be the European Central Bank’s monetary policy meeting on Thursday. After rising to a 14-month high at 1.1490 during the week before, the EUR/USD pair failed to expand its gains above the strong psychological level at 1.1500. Currently, the price is in the process to complete the fifth green month in a row following the bounce off the 1.0500 significant barrier.
From a technical point of view, on a weekly basis, the common currency pair is still looking bullish while on the short-term timeframe, the price seems to have neutral momentum. Moreover, the MACD oscillator is developing within the positive path but is flattening below the trigger line. The RSI indicator lies between the 50 and 70 level and is sloping to the downside. Our expectation is a decline move until the 1.1370 support level and then a continuation of the rising.