No significant events are expected today.

The EUR/USD pair is trying to capitalize on a good rebound of approximately 50 points from levels below 1.0800 and encounters new supply during the Asian session on Monday. Spot prices are currently trading around 1.0835 and remain under the influence of the US dollar (USD) price dynamics.

The US monthly employment data, known as the NFP report, showed that more jobs were created in March than expected, at 303 thousand. This led investors to reduce bets on a possible Federal Reserve (Fed) interest rate cut in June, bringing the total number of rate cuts to two in 2024. Such a forecast supports high US Treasury yields, which in turn acts as a tailwind for the dollar and puts some pressure on the EUR/USD pair.

Traders may also prefer to move to the sidelines ahead of key releases this week from the US – the latest consumer inflation data and the crucial FOMC meeting minutes on Wednesday. These data, along with the European Central Bank (ECB) meeting on Thursday, should provide significant momentum to the EURUSD pair.

Rising bets for a June ECB rate cut, confirmed by weaker consumer inflation data in the Eurozone last week, may continue to pressure the euro and keep EUR/USD bulls in check.

Recommendation: Sell until the price level of 1.0800.