EUR/USD has gone into a consolidation phase following last week's decline. In the absence of high-tier macroeconomic data releases, the pair could find it difficult to make a decisive move in either direction in the near term, FXStreet’s Eren Sengezer reports.

Downside appears limited for the time being

“Stock and bond markets in the US will be closed in observance of the Independence Day holiday and EUR/USD's trading action is likely to remain subdued.”

“On the upside, 1.0440 (static level, 20-period SMA) forms interim resistance ahead of 1.0470 (Fibonacci 23.6% retracement of the latest downtrend) and 1.0500 (psychological level, 100-period SMA).”

“Initial support is located at 1.0400 before 1.0380 (static level) and 1.0360 (static level).”