EUR/USD: The Euro has trouble breaking out of its consolidation at $1.07 because trading is slow

As important data is coming up next week, traders don't have much they can use to make a big move in either way.

The EURUSD pair has been at a standstill for almost two weeks because traders can't find anything to bet on. After a sharp drop hit a plateau at the end of May, the exchange rate has been moving slowly because there isn't much money in the market and not many people are dealing. Now, the markets need new information to stir things up.

The fact that the pair isn't moving much, staying around $1.07, can be attributed to two main things. First, this week doesn't have many important economic reports that would make people excited and drive up demand. And second, the Federal Reserve is planning to meet next week to talk about monetary policy.

The Federal Open Market Committee meeting on June 13 and 14 will show whether the US central bank will raise rates again. At the moment, Wall Street is mostly betting that the aggressive rate hike campaign will stop, giving markets and customers a much-needed break.