EUR/USD looks for direction around 1.1300, ZEW eyed

The pair reverts part of Monday’s advance.
The greenback tries to regain the 97.00 handle.
German, EMU ZEW Survey next of relevance in the docket.

Pablo Piovano FXStreet

The selling pressure has resumed in the European currency on Tuesday and is now taking EUR/USD to the 1.1300 neighbourhood ahead of the opening bell in Euroland.

EUR/USD holds on to 1.1300 ahead of data

After climbing to the 1.1340 region at the beginning of the week, spot sparked a correction lower to the current area near 1.1300 the figure on the back of the pick up in the demand for the greenback.

In fact, the buying pressure in the riskier assets appears somewhat subdued today amidst rising cautiousness over the US-China trade talks, which are due to kick in later today in Washington.

In today’s docket, the ZEW Survey in Germany and the broader euro bloc will be in centre stage later in the day along with EMU Current Account figures, Italian Industrial Production report and the speech by ECB’s B.Coeure. Across the ocean, Cleveland Fed L.Mester is due to speak followed by the NAHB index.

What to look for around EUR

US-China trade talks will be in centre stage this week and are expected to drive the sentiment in the risk-associated complex. Following recent progress in earlier talks, market participants are now looking at the possibility that both parties could clinch a deal sooner than later. On another direction, EUR should closely follow comments from ECB members regarding the ongoing slowdown in the euro bloc and potential guidance from the ECB in the next months, at a time when speculations that the central bank could refrain from acting on rates this year remain on the rise.

EUR/USD levels to watch

At the moment, the pair is losing 0.08% at 1.1298 and a break below 1.1234 (2019 low Feb.15) would target 1.1215 (2018 low Nov.12) en route to 1.1118 (monthly low Jun.20 2017). On the upside, the next hurdle is located at 1.1339 (high Feb.18) seconded by 1.1356 (23.6% Fibo of the September-November drop) and then 1.1399 (100-day 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.

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