EUR/USD trading has become more settled over the last week. Economists at ING note that the pair could move lower to 1.0400.

There is a case that 1.0595 was the corrective high in EUR/USD

“There is a case that last week's 1.0595 print was the corrective high in EUR/USD – we should know a lot more by next Wednesday evening after the FOMC meeting – and it will be interesting to see what the European Central Bank has to say on the 15th. 

“Some are speculating that the current calm in European bond markets could prompt the ECB to be slightly more aggressive in its quantitative tightening plans – so let's see.”

“For today, EUR/USD could drift down to 1.0400 in quiet markets.”