EUR/USD flat around 1.1580 ahead of ZEW

The pair is flat-lined around 1.1580 so far on Tuesday.
The greenback trades within a narrow range above 95.00.
German ZEW survey, US Industrial Production coming up next

Pablo Piovano FXStreet

The European currency alternates gains with losses on Tuesday and is now taking EUR/USD to the 1.1580 region ahead of key data in Euroland.

EUR/USD looks to ZEW, Italy

The pair is looking for direction in the first half of the week, always below the 1.1600 handle for the time being and vigilant on the Italian political scenario and the broad risk appetite trends.

In fact, risk-off mood re-emerged as of late involving the US, Saudi Arabia and Turkey following the death of J.Khashoggi, journalist at the Washington Post, in Turkey over the weekend.

In addition, Italy submitted its 2019 draft budget to the EU on Monday and it is expected that discussions around the subject continue throughout the week.

Looking ahead, the German/EMU ZEW survey is next of relevance in the euro area, whereas Industrial Production, Manufacturing Production, JOLTs Job Openings and TIC Flows are next in the US calendar.

EUR/USD levels to watch

At the moment, the pair is gaining 0.06% at 1.1587 facing the next up barrier at 1.1611 (high Oct.12) seconded by 1.1629 (100-day SMA) and then 1.1735 (high Aug.28). On the downside, a break below 1.1535 (10-day SMA) would aim for 1.1432 (low Oct.9) and finally 1.1323 (200-week SMA).

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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.

EUR/USD trims gains, back below 1.1800

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