EUR/USD continues to move sideways below 1.1800

EUR/USD failed to build on Friday's gains on Monday.
US Dollar Index is edging modestly higher at the start of the week.
Focus shifts to high-tier data releases from eurozone and US.

Eren Sengezer FXStreet

After posting strong gains on Friday, the EUR/USD pair started the new week in a calm manner and continues to move sideways below 1.1800 during the American trading hours. As of writing, the pair was down 0.15% on the day at 1.1775.

DXY edges modestly higher on Monday

In the absence of high-tier macroeconomic data releases and fundamental drivers, the USD's market valuation is driving EUR/USD's movements on Monday. Supported by the risk-off flows, the US Dollar Index (DXY) is staying in the positive territory above 92.60 in the second half of the day.

Nevertheless, the more-than-2% decline witnessed in the benchmark 10-year US Treasury bond yield is limiting DXY's upside and helping EUR/USD consolidate its losses.

On Tuesday, second-quarter GDP data from the euro area will be looked upon for fresh impetus. Investors expect the eurozone economy to expand by 13.7% on a yearly basis. Later in the day, July Retail Sales and Industrial Production data will be featured in the US economic docket.

Meanwhile, the latest CFTC Positioning report revealed that net longs in the EUR declined to the lowest level in more than a year.

CFTC Positioning Report: EUR net longs continued to shrink.

Technical levels to watch for

EUR/USD

Overview
Today last price	1.1775
Today Daily Change	-0.0021
Today Daily Change %	-0.18
Today daily open	1.1796

Trends
Daily SMA20	1.1802
Daily SMA50	1.1884
Daily SMA100	1.1963
Daily SMA200	1.201

Levels
Previous Daily High	1.1805
Previous Daily Low	1.173
Previous Weekly High	1.1805
Previous Weekly Low	1.1706
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1776
Daily Fibonacci 61.8%	1.1758
Daily Pivot Point S1	1.1749
Daily Pivot Point S2	1.1702
Daily Pivot Point S3	1.1674
Daily Pivot Point R1	1.1824
Daily Pivot Point R2	1.1852
Daily Pivot Point R3	1.1899

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.

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