EUR/USD parked around 1.1930 on US data

The European currency is clinging to its daily gains vs. the greenback at the beginning of the week, with EUR/USD gyrating around the 1.1930 region.

EUR/USD apathetic on US data

The pair is prolonging its sideline theme around 1.1930 today after hitting fresh cycle tops near 1.1960 during early trade.

The up move in spot came after President Draghi showed no visible concerns over the recent appreciation of the exchange rate at the Jackson Hole Symposium on Friday.

The move was also exacerbated after Chief Yellen previously failed to ignite any buying interest around the buck, avoiding any comments on monetary policy. Recall that market participants were expecting Yellen to give any hint on the balance sheet reduction or the continuation of the Fed’s tightening cycle.

Data wise today, advanced US wholesale inventories expanded at a monthly 0.4%, while the trade deficit widened a tad to %65 billion in July from $64.00 billion. Later in the session, the Dallas Fed manufacturing gauge is also expected.

EUR/USD levels to watch

At the moment, the pair is up 0.08% at 1.1934 facing the next hurdle at 1.1960 (2017 high Aug.28) followed by 1.2000 (psychological level) and finally 1.2042 (monthly low July 2012). On the flip side, a breach of 1.1803 (10-day sma) would target 1.1670 (5-month up trend) en route to 1.1611 (low Jul.26).