The EUR/USD pair keeps losses and remains within the striking distance of daily lows reached at 1.1792, following the release of downbeat Eurozone industrial production data.
EUR/USD: Focus shifts to US retail sales
EUR/USD’s attempt to take on the recovery above 1.18 handle lost steam, after the Eurozone industrial figures showed a deeper-than expected contraction in the month of June. European Monetary Union Industrial Production s.a. (MoM) came in at -0.6% below forecasts (-0.5%) in June
Moreover, rebounding Treasury yields amid a major turnaround in risk sentiment so far this Monday, also boosts the sentiment around the greenback at the expense of the Euro. The USD index advances +0.23% to hover near daily tops of 93.26 levels.
Attention now turns towards a fresh batch of economic releases due out from both continents later this week, especially with the US retail sales, Eurozone flash GDP and FOMC minutes expected to set the tone for the major in the coming days.
EUR/USD Technical Set-up
Valeria Bednarik, Chief Analyst at FXStreet explains: “The immediate short term support is 1.1780, followed by the 1.1730 region, this last seen as a probable floor for this Monday should the dollar remain strong. The daily high was set at 1.1837, while Friday's high stands at 1.1846, indicating that only beyond this last the pair can gain bullish traction and approach the 1.1900 price zone.”
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