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EUR/USD probing session lows near 1.1740 ahead of German ZEW

2018-7-10 17:05:43Trading Strategies
 EUR/USD probing session lows near 1.1740 ahead of German ZEW

After testing the vicinity of the 1.1800 key barrier at the beginning of the week, EUR/USD appears to have lost some upside momentum and has returned to the 1.1740 region, challenging yesterday’s lows at the same time.


EUR/USD now looks to data, trade


The pair is trading in red figures for the first time after three consecutive advances, all against the backdrop of a firm note in the risk-associated complex. In fact, risk appetite trends continue to weigh on JPY crosses, sending EUR/JPY higher and capping the downside in the pair somewhat.


On the USD-side, the US Dollar Index managed to regain the 94.00 limestone and above, always supported by a robust recovery in USD/JPY and higher US yields.


Later in the European session, the German ZEW survey will be the sole event, while JOLTs Job Openings is expected across the pond along with the API weekly report on crude supplies.


EUR/USD levels to watch


At the moment, the pair is losing 0.09% at 1.1741 and a break below 1.1718 (monthly low Dec.12 2017) would open the door to 1.1670 (10-day sma) and then 1530 (low Jun.19). On the flip side, the next hurdle emerges at 1.1791 (high Jul.9) seconded by 1.1853 (high Jun.15) and finally 1.1854 (38.2% Fibo of April-May drop).