- The pair has started the week on a negative note.
- The greenback climbs to highs near 95.80.
- EMU’s Sentix Index next of relevance in the docket.
Sellers prevail around the European currency at the beginning of the week and are now dragging EUR/USD to test the 1.1500 neighbourhood, or daily lows.
EUR/USD looks to data, USD
After two consecutive daily advances, the pair is now facing some selling pressure and is putting the 1.1500 support to the test amidst the resumption of the up trend in the buck.
Spot started the week on the defensive as markets continue to digest last Friday’s Non-farm Payrolls. It is worth recalling the US economy added 134K jobs during September, less than initially forecasted, although the jobless rate ticked lower to 3.7% while wage inflation pressures remain firm.
On another front, Italy’s Salvini reiterated an exit from Euroland is not an option, although the shared currency stayed apathetic.
Later in the session, the Sentix index is only due in the region while there are no scheduled data releases across the pond. Earlier, German Industrial Production contracted 0.3% MoM in August.
EUR/USD levels to watch
At the moment, the pair is losing 0.17% at 1.1504 facing the next support at 1.1463 (low Sep.4) seconded by 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15). On the flip side, a break above 1.1542 (high Oct.4) would target 1.1591 (10-day SMA) en route to 1.1636 (21-day SMA).
Share
