EUR/USD falters near 1.1900, turns negative afterwards

EUR/USD reverses the earlier move to the 1.19 area.
The German Economic Sentiment surprised to the downside in July.
US ISM Non-Manufacturing grabs all the attention across the pond.

Pablo Piovano FXStreet

The EUR/USD’s earlier optimism was ephemeral. Indeed, the pair rapidly returned to the negative territory and trades around 1.1840 after a failed attempt to re-visit 1.1900 earlier on Tuesday.

EUR/USD weakens as the dollar rebounds

EUR/USD now sheds ground for the second session in a row and returns to the low-1.1800s in response to the pick-up in the demand for the greenback.

The dollar manages to rebound from earlier lows in the 92.00 neighbourhood as the selloff and profit taking mood post-Payrolls seems to have run its course.

Also adding to the bearish sentiment surrounding the European currency, the Economic Sentiment in both Germany and the broader Euroland eased further to 63.3 and 61.2, respectively, for the month of July. Earlier in the session, the German Factory Orders contracted at a monthly 3.7% during May.

On a brighter side, ECB’s De Guindos said he expects an “intense” rebound in the economic activity in the second half of the current year.

Later in the US data space, the ISM Non-Manufacturing will take centre stage seconded by the final Markit’s Services PMI and the IBD/TIPP Index.

EUR/USD levels to watch

So far, spot is losing 0.18% at 1.1837 and a break below 1.1807 (monthly low Jul.2) would target 1.1762 (78.6% Fibo of the November-January rally) and route to 1.1704 (2021 low Mar.31). On the flip side, the next up barrier lines up at 1.1895 (weekly high Jul.6) followed by 1.1975 (weekly high Jun.25) and finally 1.1997 (200-day SMA).

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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