EUR/USD drops to session lows near 1.1720 on ZEW
|- The pair loses further ground in the wake of German data.
- The greenback moves to session tops in the 94.30 area.
- German/EMU ZEW came in below expectations in July.
The shared currency remains on the defensive on Tuesday and is now dragging EUR/USD to the 1.1720/10 band, or fresh session lows.
EUR/USD weaker post-ZEW
Sellers around the European currency are dominating the scenario today, forcing EUR/USD to recede further from yesterday’s tops in the boundaries of the key 1.1800 the figure.
In addition, EUR gained extra downside pressure after German/EMU ZEW survey came in below estimates for the month of July. In fact, German Current Conditions came in at 72.4 and Economic Sentiment at -24.7. furthermore, Economic Sentiment in the euro bloc also dropped more than expected to -18.7.
Extra downside in the pair comes from the recovery in the buck, which managed to rebound from session lows in the 94.00 area to the current 94.30/35 band when tracked by the US Dollar Index.
EUR/USD levels to watch
At the moment, the pair is losing 0.25% at 1.1722 and a break below 1.1715 (low Jul.10) would open the door to 1.1670 (10-day sma) and then 1530 (low Jun.19). On the flip side, the next hurdle emerges at 1.1791 (high Jul.9) seconded by 1.1853 (high Jun.15) and finally 1.1854 (38.2% Fibo of April-May drop).
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