EUR/USD flirting with session lows in the mid-1.1500s

The pair loses further momentum and tests 1.1550.
The greenback advanced to fresh highs near 95.30.
Sentix Index next of relevance in the euro region.

Pablo Piovano FXStreet

The bearish sentiment remains unchanged around the single currency at the beginning of the week and is now dragging EUR/USD to fresh lows in the mid-1.1500s.

EUR/USD looks to trade, data

The pair is down for the sixth session in a row on Monday, trading in levels last seen in late June and closer to the key 1.1530 zone, considered the last defence of YTD lows in the 1.1500 neighbourhood seen in late May.

In the meantime, the greenback is prolonging its march north, looking to consolidate the recent breakout of the key barrier at 95.00 the figure amidst unabated verbal escalation in the US-China trade dispute.

In the data space, and while market participants continue to adjust to Friday’s Non-farm Payrolls figures, the Sentix Index will be the only release of note in the Old Continent. Earlier in the session, German Factory Orders contracted more than expected 4.0% MoM in June.

From the speculative community, EUR net longs dropped to 2-week lows according to the latest CFTC report during the week ended on July 31.

EUR/USD levels to watch

At the moment, the pair is down 0.15% at 1.1551 facing immediate support at 1.1527 (low Jun.28) seconded by 1.1508 (2018 low May 29) and then 1.1479 (low Jul.20 2017). On the upside, a breakout of 1.1647 (10-day SMA) would aim for 1.1670 (55-day sma) and finally 1.1745 (high Jul.30).

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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