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.

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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