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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.