- The pair remains under pressure below the 1.1600 handle.
- The greenback keeps the trade near recent highs above 95.00.
- Draghi, Powell, Kuroda are due to speak at the ECB Forum.
EUR/USD continues to navigate in the lower bound of the recent range near the 1.1570 region against the backdrop of a stronger greenback, US-China trade war and headlines from the ECB Forum in Sintra.
EUR/USD looks to Sintra, US-China
The pair is losing ground for the second session in a row on Wednesday amidst a strong recovery in the greenback, which keeps trading in the upper end of the range and near the area of YTD peaks beyond 95.00 the figure when tracked by the US Dollar Index (DXY).
In the meantime, market participants remain focused on the escalating trade tensions between the US and China, particularly after Trump’s recent announcement that further tariffs (worth $200 billion) stay on the cards.
In addition, EUR should be under scrutiny today, as President Draghi will speak once again at the Forum in Sintra, this time he will share a panel with Fed’s J.Powell and BoJ’s H.Kuroda. Further ECB-speak includes S.Lautenschlaeger and P.Praet.
Across the pond, Existing Home Sales and the weekly report of the EIA will be the salient publications.
EUR/USD levels to watch
At the moment, the pair is losing 0.11% at 1.1576 and a breakdown of 1.1543 (low Jun.15) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017). On the flip side, the next hurdle aligns at 1.1644 (high Jun.19) seconded by 1.1681 (21-day sma) and finally 1.1685 (10-day sma).
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