EUR/USD under pressure below 1.1600, NFP eyed

The pair remains vulnerable after breaching the 1.1600 handle.
The greenback looks to consolidate above the 95.00 mark.
Services PMIs in Euroland and US Payrolls next of relevance today.

Pablo Piovano FXStreet

The selling pressure around the European currency remains well and sound at the end of the week and is now prompting EUR/USD to stay rangebound below 1.1600 the figure.

EUR/USD looks to data, Payrolls

The pair alternates gains with losses on Friday after breaking below the 1.1600 milestone on Thursday, all amidst the continuation of the bid tone surrounding the greenback.

In fact, the greenback is deriving support from US-China trade jitters and the persistent depreciation of the Chinese Yuan, which is navigating record lows around 6.8750.

In the data space, final Services PMIs in Euroland and Retail Sales in the euro area are coming up next, all ahead of US ISM Non-manufacturing and Non-farm Payrolls for the month of July (193k exp.).

EUR/USD levels to watch

At the moment, the pair is down 0.03% at 1.1581 facing immediate support at 1.1580 (low Aug.3) followed by 1.1575 (low Jul.19) and then 1.1527 (low Jun.28). On the upside, a breakout of 1.1680 (21-day SMA) would aim for 1.1749 (high Jul.23) 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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