EUR/USD continues to fluctuate in tight range above 1.1900
- EUR/USD fell to a fresh six-day low on Monday.
- Market action remains choppy in the absence of fundamental drivers.
- US Dollar Index remains on track to close flat below 92.00.
The EUR/USD pair drooped to its lowest level since June 22 at 1.1903 on Monday but didn't have a difficult time erasing a portion of its daily losses. As of writing, the pair was down 0.05% on a daily basis at 1.1926.
Focus shifts to Tuesday's mid-tier data releases
In the absence of high-tier macroeconomic data releases from the euro area and the US, the USD's market valuation remains the primary driver of EUR/USD's movements at the beginning of the week. Earlier in the day, the US Dollar Index (DXY) advanced to a daily high of 92.00 and caused EUR/USD to push lower.
Nevertheless, the DXY struggled to preserve its bullish momentum and now looks to close the day with small gains around 91.90.
The only data from the US showed on Monday that the Dallas Fed Manufacturing Business Index declined to 31.1 in June from 34.9 in May but this reading was largely ignored by market participants.
On Tuesday, Consumer Confidence and Economic Sentiment Indicator for the euro area and the Consumer Price Index (CPI) data for Germany will be featured in the European economic docket. Later in the day, the Conference Board's US June Consumer Confidence report will be looked upon for fresh impetus.
Meanwhile, the CFTC Positioning Report for the week ending June 22 showed that speculators' net EUR longs dropped to the lowest in two months, suggesting that EUR/USD is not expected to stage a significant rebound in the near term.
CFTC Positioning Report: EUR net longs at 2-month lows.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
