EUR/USD hits fresh low at 1.1193, remains around 1.1200

EUR/USD turned to the downside and dropped to 1.1193, hitting a fresh daily low. Currently, the pair is hovering around 1.1200, near last week closing price. Price action has been limited on Monday so far, with the euro moving in a range of less than 50 pips. 

Earlier the pair climbed to 1.1233 but failed to hold and lost strength after losing the 20-hour moving average that stands at 1.1210. 

French elections on Sunday gave support to the euro but with not enough strength to rally with Macron’s party gaining majority. The second round will take palace June 18. The euro is rising modestly, up for the fist time after falling during the previous three trading days.

France: Macron's new party likely to secure 415-455 seats in second round – BBH

In the US, attentions lies on Wednesday’s FOMC decision. Tomorrow inflation data will be also watched closely. 

Levels to watch

To the upside, immediate resistance is seen at 1.1210 (20-hour moving average), 1.1230/35 (daily high) and 1.1285 (Jun 2 high). On the downside, support could be located at 1.1190/95 (daily low), 1.1165 (Jun 9 low) and 1.1105/10 (May 30 low).