EUR/USD flat around 1.1200, focus on Brexit talks

Pablo Piovano FXStreet

The single currency has faded the earlier spike to 1.1200 and beyond vs. the greenback and is now taking EUR/USD to the vicinity of 1.1190 ahead of the opening bell in the Old Continent.

EUR/USD attention to Brexit

The pair has started the week on a weak fashion, failing to sustain the bullish attempt above 1.1200 the figure seen during the Asian trading hours amidst thin trade conditions and an empty docket in both Euroland and the US.

EUR found no fresh oxygen after E.Macron’s ‘En Marche’ party won the majority at the legislative elections in France on Sunday, while the start of the Brexit talks tonight in Europe stays poised to initially drive the sentiment around the single currency and the Sterling in the near term.

From the positioning perspective, EUR speculative net longs continued to increase in the week to June 13, with contracts climbing to the highest level since late December 2011, according to the latest CFTC report.

Event-wise today, speeches by ECB’s Lautenschlager and Nouy are expected later today, while NY Fed W.Dudley (permanent voter, centrist) is also due to speak.

EUR/USD levels to watch

At the moment, the pair is losing 0.03% at 1.1194 and a break below 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339). On the flip side, the next resistance is located at 1.1213 (20-day sma) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9).

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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