EUR/USD touched a low of 1.1537 after Nowotny's comments

Friday's low of 1.1543 appears to be a key level for sellers to break below as this is the third such attempt this week that the pair has failed to hold a firm break below it.

The pair traded to a low of 1.1531 yesterday and tried a couple of hourly breaks below the 1.1543 level but ultimately buyers held on.

The same support level has also helped the pair get a lift today after Nowotny said that the euro should weaken against the dollar "due to differences in interest rate policies" earlier. While topside momentum is kept in check largely by the 1.1600 level, the downside support is clearly defined by a key break of the 1.1543 level for the time being.

The year's low sits at 1.1510 so it isn't too far away, but sellers first need to find a firm break of the 1.1543 level in order to move towards there. Otherwise, expect this range to hold despite the lack of large expiries on the day to attract prices. Though, there are large ones that will roll off tomorrow between 1.1525 to 1.1625 so that may come into play in what is a quiet day on the calendar for US trading today as well.