EUR/USD stuck within a tight range around 1.1680

The pair alternates gains with losses in the 1.1670/80 band.
The greenback stays sidelined near 94.80.
ECB minutes, EMU’s Industrial Production next on tap.

Pablo Piovano FXStreet

The sentiment around the European currency remains depressed so far this week, with EUR/USD now navigating a narrow range between 1.1680 and 1.1660.

EUR/USD looks to data, ECB

The pair remains on the defensive so far this week, prolonging the correction lower from Monday’s tops in the vicinity of 1.1800 the figure, although some contention appears to have emerged in the 1.1670/60 band for the time being.

On the other hand, the greenback keeps looking to the US-China trade dispute while it slowly continues its march higher to the area close to the critical resistance at the 95.00 handle.

In the data space, German final CPI figures for the month of June matched the preliminary readings. Later in the session, EMU’s Industrial Production figures for the month of May are due seconded by the ECB minutes.

The ECB event seems to have gathered some extra attention in light of yesterday’s news citing some dissent within the Council regarding the timing of the rate hike next year.

EUR/USD levels to watch

At the moment, the pair is up 0.03% at 1.1676 facing the next resistance at 1.1791 (high Jul.9) seconded by 1.1853 (high Jun.15) and finally 1.1854 (38.2% Fibo of April-May drop). On the flip side, a break below 1.1666 (low Jul.11) would open the door to 1.1648 (21-day sma) and then 1530 (low Jun.19).

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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