EUR/USD parked around 1.0580, Yellen eyed

EUR/USD stays close to the area of recent lows in the 1.0570/80 band for the time being amidst scarce volatility and lack of relevant docket.

EUR/USD now looks to Yellen

The pair keeps the narrow trade at the beginning of the week, navigating the lower bound of the recent range and losing ground for the third week in a row for the time being.

Spot is at the same time prolonging the rejection from recent YTD tops beyond the 1.0900 handle seen in late March, all in response to a solid pick up in the demand for the greenback while yields in the US money markets are also accompanying the upbeat sentiment around the buck, differentiating from their German peers.

In the data space, Chairwoman J.Yellen is due to speak on the economic outlook at the University of Michigan later in the NA session, with consensus expecting the message to fall in line with precious speeches and the FOMC minutes.

EUR/USD levels to watch

At the moment the pair is losing 0.13% at 1.0577 and a breach of 1.0570 (low Apr.10) would target 1.0523 (low Mar.9) en route to 1.0493 (low Mar.2). On the flip side, the immediate hurdle aligns at 1.0624 (100-day sma) followed by 1.0669 (55-day sma) and finally 1.0690 (high Apr.5).