EUR/USD – Losses capped by spike in EUR/GBP
|Sharp rise in EUR/GBP cross in Asia is helping the EUR/USD pair avoid falling below 1.1033 (23.6% of Brexit drop).
Risk-off supports USD
Despite the relatively resilience of the common currency, the EUR/USD pair is still down 0.27% on the day. Moreover, the dollar finds bids due to increased demand for the safe haven treasuries.
The data docket in the Eurozone is light; hence, the pair remains at the mercy of the broader market sentiment in Europe. Later in the US session, the US ISM non-manufacturing print could influence the pair.
EUR/USD Technical Levels
The immediate support is seen at 1.1033 (23.6% of Brexit drop), under which prices could test 1.10 (zero figure). Acceptance below the same could yield re-test of 1.0911 (post Brexit low). On the other hand, a break above 1.1066 (50% of 1.0517-1.1616) could yield 1.11, above which gains could be extended to 1.1131 (June 16 low).
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