FXStreet (Edinburgh) – The common currency remains entrenched in the negative ground at the beginning of the week, with EUR/USD testing session lows in the 1.1300 neighbourhood.
EUR/USD capped at 1.1380
The pair has triggered a correction lower after being rejected from the vicinity of 1.1380 in early trade in response to diminishing sentiment towards the risk-off trade. Market participants seem to have already left behind the poor results from the Chinese economy over the weekend, shifting their focus to the upcoming FOMC gathering due on Wednesday.
In the data space, consumer prices in Italy have matches expectations during the last month, while Industrial Production in the euro area have posted higher than expected results.
EUR/USD key levels
The pair is retreating 0.26% at 1.1306 and a breach of 1.1292 (low Aug.26) would target 1.1253 (low Sep.11) en route to 1.1147 (low Sep.9). On the other hand, the next hurdle lines up at 1.1374 (high Sep.14) followed by 1.1498 (high Aug.23) and finally 1.1523 (high Aug.27).
(Market News Provided by FXstreet)