EUR/USD still on holidays as EU CPIs, US NFP loom ahead

• Easter holiday volumes loom over a quiet European session to kick off the new week.
• EU CPIs, US NFP promise a mover of a week to come.

The EUR/USD is declining ahead of the European markets, testing around 1.2320. Overall movement has been low with restrained holiday volumes, and the European market will likely be a similarly empty affair with key markets from Germany and the UK still dark for Easter Monday celebrations, and this week opens with a quiet start before heading into Non-Farm Payrolls on Friday.

This week's focus for the Euro will be the Eurozone preliminary CPIs for March on Wednesday at 09:00 GMT, and the year-on-year figure is expected at 1.4 percent, an upside swing on the previous 1.0 percent reading, which may be surprising given the middling macro data that has been coming out of the European Union as of late. Before CPIs however, the EU also sees the Markit Manufacturing PMIs on Tuesday, with the broad Eurozone figure dropping at 09:00 GMT, which is forecast at 56.6, identical to the previous figure.

The Euro has been battling it out with a US Dollar that continues to stage brief recovery rallies and throw the main trend under the wheels, but with a lack of conviction from Greenback bulls, the EUR/USD has been left to middle roughly within a consolidation range that marked the first quarter of 2018, though potential for a downside break is beginning to increase as expectations for a hawkish Fed begin to outrun the central bank's ability to meet market expectations, which could begin to punish the USD. Geopolitical turmoil could also see a resurgence in the new week following China's new tariffs that have been slapped on American-made goods, and the challenge

EUR/USD Levels to watch

The Euro is beginning to run out of tightrope room on which to walk, and as FXStreet's own Chief Analyst Valeria Bednarik noted recently, "technically,  the pair presents a neutral stance in the daily chart, but with an increased risk toward the downside, as it settled below the 20 SMA, which anyway remains flat, while technical indicators also lack directional strength, but within bearish territory. Shorter term, and according to the 4 hours chart, the pair is biased lower, as it ended below all of its moving averages, with the 20 SMA gaining bearish strength above the current level, while the Momentum indicator turned south below its mid-line, and the RSI consolidates around 40."

Support levels: 1.2290 1.2250 1.2210                                                                     

Resistance levels: 1.2335 1.2370 1.2415