EUR/USD sinks to session lows

5 June, 2017

The single currency is now losing the grip vs. the buck, sending EUR/USD to test the area of daily lows in the 1.1240/30.

EUR/USD attention to US data, EUR/GBP

Spot met extra downside pressure following the deep pullback in EUR/GBP, as the Sterling found fresh buyers in response to latest ICM election polls, showing Tories stay on the lead by 11 pts, widening the gap vs. previous polls.

In addition, the better tone in the greenback at the beginning of the week is also collaborating with the pair’s downside, sustained at the same time by the positive performance in US money markets.

On another direction, EUR stays well underpinned by the speculative community, with net longs continued to climb in the week on May 30 according to the latest CFTC report, this time to levels last seen in late December 2011.

EUR/USD levels to watch

At the moment, the pair is down 0.34% at 1.1242 facing the next support at 1.1202 (low Jun.1) followed by 1.1122 (20-day sma) and finally 1.1108 (low May 30). On the other hand, a breakout of 1.1284 (2017 high Jun.5) would target1.1300 (high Nov.9 2016) en route to 1.1367 (high Aug.18 2016).

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