- The pair alternates gains with losses in the 1.1380 region.
- The greenback is also sidelined around 96.60 ahead of U-Mich.
- EMU’s final July COPI figures next on tap in the docket.
The single currency is attempting a sidelined theme at the end of the week and is now taking EUR/USD to the 1.1380 region.
EUR/USD now looks to data, risk
Spot is advancing for the third session in a row albeit at a glacial pace amidst some pick up in the risk-on sentiment in the global markets.
In fact, the probability that US and China could re-start trade talks later in the month has been bolstering the better mood in the risk-associated complex as of late in detriment of the buck.
However, President Trump warned around the increasing optimism surrounding this potential scenario, pouring some cold water over investors’ expectations of an agreement to end the ongoing trade dispute.
EUR, in the meantime, appears to have bottomed out in recent lows in the 1.1300 neighbourhood according to the performance of risk reversals, while faces strong near term resistance at/around 1.1400 the figure.
In the data space, final inflation figures in Euroland for the month of July will be the only release of note today, whereas Consumer Sentiment gauged by the U-Mich index is only due across the pond.
EUR/USD levels to watch
At the moment, the pair is up 0.02% at 1.1380 and a breakout of 1.1409 (high Aug.16) would aim for 1.1455 (10-day SMA) and finally 1.1566 (21-day SMA). On the flip side, initial support emerges at 1.1299 (2018 low Aug.15) seconded by 1.1188 (61.8% Fibo of the 2017-2018 up move) and then 1.1118 (monthly low Jun.20 2017).
Share
