The single currency has started the week on the defensive, now dragging EUR/USD to the 1.1250 area ahead of the opening bell in Euroland.

EUR/USD attention to risk trends

Spot is extending the rejection from last week’s highs beyond the key barrier at 1.1300 the figure, while market participants keep cashing up part of the recent gains and the demand for the greenback has accelerated somewhat.

A vacuum of data releases in Euroland will turn investors’ attention to the broader risk appetite trends and the US calendar, where Existing Home Sales and Lockart’s speech will take centre stage.

EUR/USD levels to watch

The pair is now losing 0.15% at 1.1253 facing the next support at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1073 (20-day sma) and finally 1.1043 (200-day sma). On the other hand, a breakout of 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015).

The single currency has started the week on the defensive, now dragging EUR/USD to the 1.1250 area ahead of the opening bell in Euroland…

(Market News Provided by FXstreet)

By FXOpen