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.

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).

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