EUR/USD keeps falling… 1.1300 on sight

The offered bias around the single currency stays unabated so far this week, now dragging EUR/USD to fresh lows in the vicinity of the 1.1300 limestone.

EUR/USD attention now to FOMC minutes

Spot came under renewed selling pressure today, quickly fading the overnight spike to the 1.1370 region and retesting the lower end of the range near the 1.1300 handle, all amidst a persistent bid tone surrounding the buck.

In fact, tracked by the US Dollar Index, the buck managed to regain the 96.00 handle and beyond, testing multi-day tops near 96.20 at the time of writing, at the same time recording fresh 5-day peaks and advancing for the fourth consecutive session.

In the broader picture, EUR still stays well supported by positioning and the prospects of some ECB action in the next months. In the nearer horizon, EUR futures seem to lend support to the idea of some consolidation ahead of another leg higher.

In the data space, US May’s factory orders are due later seconded by the more relevant FOMC minutes. Earlier in the day, final services PMIs for the month of June in Euroland passed unnoticed among traders.

EUR/USD levels to watch

At the moment, the pair is down 0.22% at 1.1322 and a break below 1.1313 (low Jul.5) would target 1.1290 (low Jun.28) en route to 1.1250 (21-day sma). On the flip side, the next up barrier is located at 1.1368 (high Jul.5) followed by 1.1448 (2017 high Jun.30) and finally 1.1466 (high Apr.12 2016).