EUR/USD eases from tops, back around 1.1640

The pair is trading within a sideline theme around 1.1640.
The greenback remains bid and holding on above the 95.00 mark.
Philly Fed manufacturing index coming in next in the US calendar.

Pablo Piovano FXStreet

The single currency is trading within a narrow range on Thursday, taking EUR/USD to the 1.1640 area after an ephemeral test of the 1.1660 region.

EUR/USD looks to US data

After briefly testing multi-day lows in the 1.1600 neighbourhood on Wednesday, the pair managed to recover and re-test the 1.1660 region, where sits the 21-day sma, where it seems to have met strong resistance.

On the USD-side, the greenback stays firm above the critical 95.00 handle when tracked by the US Dollar Index (DXY), prolonging the positive mood following Tuesday’s bullish ‘outside day’.

In the data space, nothing worth mentioning in Euroland, whereas the usual weekly report on the US labour market and the Philly Fed index should grab all the attention across the pond.

In the broader picture, the US-China trade dispute remains in centre stage in the global markets, while political consequences of the Trump-Putin meeting keep orbiting around the buck. Furthermore, Powell’s second testimony on Wednesday fell in line with the previous one, with no impact on the FX space.

EUR/USD levels to watch

At the moment, the pair is losing 0.02% at 1.1637 facing the next support at 1.1602 (low Ju.18) seconded by 1.1527 (low Jun.29) and finally 1.1508 (2018 low May 30). On the other hand, a break above 1.1666 (21-day sma) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1746 (high Jul.17).

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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