EUR/USD is dribbling lower, with the pair now down 0.4% to the lows for the day near 1.0175. The euro is continuing to struggle for the most part, unable to really find reasons to rally post-ECB. As mentioned last week, the only thing remotely bullish for the currency is the fact that the ECB hiked rates by 50 bps instead of 25 bps. And that in itself has been a short-lived boost.
Buyers have been unable to chase a move towards the 50.0 Fib retracement level at 1.0283 and that continues to limit any upside for the pair ahead of the Fed. With bond yields also sitting lower on the day and recession risks looming large, it's hard to really find much reason to cheer for the euro at the moment.
That said, EUR/USD remains rather rangebound between 1.0150 to around 1.0270 at the moment and is awaiting the Fed for the next big move.
