- The pair remains under pressure in the mid-1.1500s.
- The greenback keeps the sideline theme in the 95.30/35 band.
- German Trade Balance figures, Industrial Production next on tap.
The European currency remains vulnerable for the time being and is taking EUR/USD to navigate the area of 1.1550 ahead of key German releases due later in the morning.
EUR/USD looks to trade, data
The pair is prolonging the leg lower after breaking below the short-term support line, opening the door at the same time for a potential test of 2018 lows in the 1.1500 neighbourhood and possibly below.
On the opposite side, the greenback is looking for a catalyst to push the US Dollar Index (DXY) beyond the 95.50 area and allow for a visit/surpass of YTD peaks in the 95.60/65 band, always amidst persistent jitters on the US-China trade front.
Looking ahead, EUR will be looking to German June’s Industrial Production and Trade Balance figures. Across the pond, JOLTs Job Openings is due seconded by the NFIB Index and the API report on US crude oil supplies.
EUR/USD levels to watch
At the moment, the pair is flat at 1.1554 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 1.1635 (10-day SMA) would aim for 1.1661 (21-day sma) and finally 1.1745 (high Jul.30).
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