EUR/USD flirting with session lows in sub-1.1650 levels

The pair remains vulnerable in the mid-1.1600s, or session lows.
The greenback moves to daily highs in the 94.70/75 band.
Initial Claims, Factory Orders coming up next in the US docket.

Pablo Piovano FXStreet

The downbeat sentiment around the European currency remains well and sound on Thursday and is now forcing EUR/USD to recede to the 1.1650/45 band, or weekly lows.

EUR/USD in 4-day lows

Spot is down for the third session in a row so far today, prolonging the weekly leg lower after failing to advance beyond the key resistance line near 1.1740 on Monday.

The renewed better tone around the greenback and swelling effervescence in the US-China trade dispute has been undermining the initial positive sentiment in the single currency, with sellers dominating the scenario since Tuesday.

No fresh signals from the Fed at yesterday’s meeting matched consensus and lent some extra support to the buck after the Committee stated that growth has been strong and that Core PCE figures is close to 2%.

Data wise, nothing scheduled in Euroland should leave the attention to Initial Claims and Factory Orders in the US calendar.

EUR/USD levels to watch

At the moment, the pair is down 0.09% at 1.1649 facing immediate support at 1.1625 (low Jul.27) followed by 1.1575 (low Jul.19) and then 1.1527 (low Jun.28). On the upside, a breakout of 1.1749 (high Jul.23) would open the door to 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14

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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