No major events are expected today.

At the start of the week, EUR/USD is holding near 1.1720, but demand for the dollar is partially returning due to lower liquidity ahead of the holidays and expectations around delayed U.S. data. The market is assessing whether the Fed will pause after recent rate cuts, as several officials stress that further decisions require confirmation from inflation and demand data.

The euro is supported by the European Central Bank keeping key rates unchanged and reaffirming its medium-term inflation target near 2%. At the same time, more confident assessments of the eurozone economy are limiting expectations of near-term policy easing and helping to cap downside pressure on the single currency.

However, the main driver in the coming days remains the U.S.: strong growth and consumption data are boosting interest in dollar assets, while trade restrictions may keep inflation above target. If expectations shift toward a longer Fed pause, the dollar could gain additional support and the pair may move lower.

Recommendations: SELL 1.1715, SL 1.1745, TP 1.1625