EUR/USD remains depressed around 1.1620

The pair broke below the key 1.1650 area, exposing further weakness.
The greenback stays bid above the 95.00 handle.
US Consumer Sentiment next of relevance in the calendar.

Pablo Piovano FXStreet

The selling bias remains unabated around the European currency and is forcing EUR/USD to recede further to fresh lows in the 1.1620 region.

EUR/USD looks to US data

The pair is prolonging the decline today, down for the fourth session in a row and recording at the same time fresh multi-day lows. The ongoing move lower opens the door for extra pullbacks with immediate target at the 1.1500 neighbourhood, or 11-month lows.

On the other side, investors’ sentiment keep supporting the demand for the buck amidst the current trade disputes between China and the US and a downward trend in yields of the key US 10-year note.

In the data space, the most relevant event will be the flash gauge of the US Consumer Sentiment for the current month, seconded by June’s Export/Import Prices.

EUR/USD levels to watch

At the moment, the pair is losing 0.39% at 1.1625 and a break below 1.1615 (low Jul.13) would open the door to 1.1527 (low Jun.29) and then 1.1508 (2018 low May 30). On the upside, the next resistance emerges at 1.1686 (10-day sma) seconded by 1.1741 (55-day sma) and finally 1.1792 (high Jul.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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