EUR/USD stuck within range near 1.1000

Pablo Piovano FXStreet

The common currency keeps its daily losses on Monday, now taking EUR/USD to the lower-1.1000s ahead of US data.

EUR/USD weaker on Brexit effects

The pair navigates the area just above the 1.1000 handle so far today against a backdrop of increasing turmoil in the financial markets following the ‘Brexit’ vote last Friday.

In the meantime, sentiment remains subdued as market participants continue to assess the potential economic and political implications of the UK leaving the European Union.

Ahead in the week, the immediate risk event will be tomorrow’s EU Leaders Summit, where members could put the UK under further pressure to invoke Article 50.

EUR/USD levels to watch

The pair is now losing 0.93% at 1.1014 and a break below 1.0913 (low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0709 (low Jan.5). On the flip side, the immediate hurdle lines up at 1.1098 (200-day sma) followed by 1.1235 (100-day sma) and then 1.1255 (55-day sma).

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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