- The down move in the pair found contention near 1.1530.
- The greenback keeps highs in the proximity of 95.50 amidst lower yields.
- EMU’s Sentix Index surprised to the upside in August.
After bottoming out near 1.1530 in early trade, EUR/USD is now attempting to regain some ground in the 1.1550/55 band.
EUR/USD weak on USD buying
Spot is extending the down move at the beginning of the week, adding to last week’s losses and trading in the red territory for the fifth consecutive day so far and always against the backdrop of the persistent buying bias surrounding the buck.
US-China trade effervescence remains unabated so far and keeps sustaining the up mood in the greenback. It is worth mentioning that the Chinese government announced on Friday retaliatory measures worth around $60 billion on US products.
In the data space, the Sentix index in Euroland came in above expectations for the current month, somewhat leaving behind poor results from German Factory Orders released earlier in the morning.
EUR/USD levels to watch
At the moment, the pair is down 0.10% at 1.1556 facing immediate support at 1.1527 (low Jun.28) seconded by 1.1508 (2018 low May 29) and then 1.1479 (low Jul.20 2017). On the upside, a breakout of 1.1647 (10-day SMA) would aim for 1.1670 (55-day sma) and finally 1.1745 (high Jul.30).
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