EUR/USD within a tight range above 1.1700
|- The pair is up smalls and gyrates around the 1.1720 region.
- The greenback finds some support in the 94.20 area.
- Markets’ focus remain on Trump and trade disputes.
EUR/USD navigates a narrow range at the beginning of the week, so far managing well to keep business above the key 1.1700 handle.
EUR/USD looks to USD-dynamics for direction
Spot alternates gains with losses on Monday against the backdrop of a flat performance around the greenback.
Recent comments by President Trump dented the positive sentiment that has been surrounding the buck in past sessions, motivating the US Dollar Index to recede from YTD tops in the 95.60/65 band.
In addition, it appears EUR/USD has formed a base just above 11-month lows around 1.1500 the figure, retaking both key barriers at 1.1600 and 1.1700 helped by short covering and the already mentioned USD weakness.
On the positioning front, EUR speculative net longs retreated to yearly lows in the week ended on July 17, as per the latest CFTC report.
Looking ahead, US Existing Home Sales will be the sole event today, although market participants should remain focused on the US-China trade spat and occasional Trump headlines.
EUR/USD levels to watch
At the moment, the pair is gaining 0.09% at 1.1731 facing the next hurdle at 1.1748 (high Jul.17) followed by 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14). On the downside, a breakdown of 1.1690 (10-day sma) would target 1.1676 (21-day sma) and then 1.1575 (low Jul.19).
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