• The EUR/USD is cycling, looking for gains ahead of Tuesday's data dump.
• Monday action remains thin, with little on the economic calendar.
• Markets hoping for a flat EU GDP reading, US CPI expected to decline slightly.

The EUR/USD is drifting in light Monday trading ahead of Tuesday's headline data drop featuring EU Gross Domestic Product (GDPO) and US Consumer Price Index (CPI) inflation figures.

The Euro (EUR) ground to an intraday low of 1.0665 before catching a mild rebound into 1.0705 as the pair bounces around familiar levels.

Markets are thin for a relaxed Monday with little of note on the economic calendar, and investors are welcoming the breather before the economic calendar turns hectic this week.

US CPI Preview: Forecasts from seven major banks, still to the high side of the Fed’s target

EU GDP for the 3rd quarter is broadly expected to hold steady at previous readings, with the headline growth measure forecast to print at -0.1%. Decelerating economic growth is expected to be highlighted with the annualized growth figure forecast at 0.1%.

On the US inflation side, headline monthly CPI is expected to decline to 0.1% for October compared to September's 0.4%, and Core CPI (headline CPI less volatile food and energy prices) is forecast to print steady at 0.3% for the same period.

EUR/USD Technical Outlook

The Euro is seeing a near-term rejection from a descending intraday trendline from last week's early peak near 1.0755, and near-term action is seeing technical support from the 1.0670 region.

Hourly candles are seeing further support from the 200-hour Simple Moving Average (SMA) currently rising into 1.0675, and further downside set to see challenges from early November's swing low into 1.0520.

EUR/USD Hourly Chart

EUR/USD Technical Levels