EUR/USD losing the grip near 1.1160

Pablo Piovano FXStreet

After reaching tops in the vicinity of 1.1180, EUR/USD has now eased some ground and has returned to the area of daily lows around 1.1160.

EUR/USD within range for now

The pair’s price action stays vigilant on the USD-dynamics and the performance of crude oil prices, which are now recovering some ground following recent slump to fresh 7-month lows.

In the meantime, occasional rallies are expected to face strong resistance around the 1.1200 handle, coincident with the 20-day sma. This view is reinforced by the sentiment in EUR futures markets, which keep pointing to the likeliness of another leg lower.

In the US data space, initial claims rose to 241K WoW, taking the 4-Week Average to 244.75K from 243.25K. Later in the session FOMC’s J.Powell (permanent voter, centrist) is due to speak.

EUR/USD levels to watch

At the moment, the pair is down 0.04% at 1.1164 and a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339). On the other hand, the next up barrier is located at 1.1204 (20-day sma) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9).

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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