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EUR/USD loses the grip near 1.1700

8/28/2018, 4:34:31 PMMarket Analysis
EUR/USD loses the grip near 1.1700

After hitting fresh tops in the boundaries of 1.1700 the figure, EUR/USD has sparked a correction lower to the current 1.1670/60 band.

EUR/USD looks to data, risks

The rally in the pair remains well and sound, advancing for the third week in a row and gaining around 4 cents since 13-month lows in sub-1.1300 levels recorded earlier in the month.

The renewed and persistent selling bias surrounding the buck has been collaborating with the up move in spot along investors shifting their sentiment to the risk-associated universe.

Looking ahead, EMU’s M3 Money Supply and Private Sector Loans are due later in the European morning, while the S&P/Case-Shiller Index and Consumer Confidence measured by the Conference Board are expected across the pond.

EUR/USD levels to watch

At the moment, the pair is losing 0.01% at 1.1677 facing immediate contention at 1.1616 (55-day SMA) seconded by 1.1538 (21-day SMA) and finally 1.1533 (10-day SMA). On the other hand, a break above 1.1697 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9).