FXStreet (Edinburgh) - The shared currency is trading on a firmer note vs. the greenback on Monday, lifting EUR/USD to session tops in the 1.0850/55 band.

EUR/USD looks to PMIs, Draghi

The pair is extending the consolidative range between 1.07 and 1.10 that has been prevailing since the start of the new year, currently navigating the low-1.0800s and recovering some ground lost after Friday’s important pullback.

Today’s final prints from January’s manufacturing PMIs in the euro bloc would unlikely be a market-mover. Instead, traders will focus on the speech by President M.Draghi due later in the European evening, looking for some considerations on monetary policy.

EUR/USD levels to watch

The pair is now advancing 0.11% at 1.0845 facing the next resistance at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and then 1.1054 (200-day sma). On the other hand, a break below 1.0777 (post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).