EUR/USD looks for direction near 1.1120

EUR/USD sheds some ground from recent tops.
Markets’ focus remains on Brexit and Parliament vote tomorrow.
EU Summits enters its last day on Friday.

Pablo Piovano FXStreet

The upside momentum in the single currency has subsided a tad at the end of the week, with EUR/USD now trading in the 1.1110/20 band.

EUR/USD looks to risk trends, Brexit

The pair is now struggling for a clear direction following three consecutive daily advances. Indeed, the positive streak includes the fresh 2-month tops in the 1.1140 region recorded on Thursday, just ahead of the 100-day SMA.

Spot gathered extra pace along with the rest of the riskier assets after the UK and the EU clinched a Brexit deal yesterday, although some cautiousness has emerged in past hours in response to the (so far) firm opposition from the DUP and ahed of the UK Parliament vote on Saturday.

In the euro docket, Current Account figures for the month of August are only due later, while speeches by Dallas Fed R.Kaplan (2020 voter, dovish), Kansas City Fed E.George (voter, hawkish) and FOMC’s R.Clarida (permanent voter, dovish) are next on the US calendar.

What to look for around EUR

The upside momentum in the pair has extended further north of the critical 1.1100 handle against the backdrop of a weaker buck and optimism from the recently clinched Brexit deal. However, it is worth recalling that the positive 3-week streak in spot has been exclusively sponsored by the renewed offered bias in the Dollar and that the outlook in Euroland continues to deteriorate and does nothing but justify the ‘looser for longer’ monetary stance by the ECB and the bearish view on the single currency in the longer run. In addition, the possibility that the German economy could slip into recession in Q3 remains a palpable risk for the outlook and is expected to weigh further on EUR.

EUR/USD levels to watch

At the moment, the pair is losing 0.01% at 1.1124 and faces the next barrier at 1.1139 (monthly high Oct.17) seconded by 1.1163 (high Aug.26) and finally 1.1186 (61.8% Fibo of the 2017-2018 rally). On the flip side, a break below 1.1050 (21-day SMA) would target 1.0994 (21-day SMA) en route to 1.0879 (2019 low Oct.1).

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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