FXStreet (Edinburgh) - The shared currency is now attempting to consolidate the recent decline, taking the EUR/USD to the 1.3590/1.3600 band.
EUR/USD unmotivated post NFP
The selling interest continues to prevail around the EUR today, especially after the very suspicious numbers from June’s Payrolls in the US economy (288K vs. 212K exp.). Data-wise, traders largely bypassed the poor German Factory Orders and it would likely occur the same with the German Industrial Production figures due on Monday. After yesterday’s ECB gathering, Camilla Sutton, Chief FX Strategist at Scotiabank, commented, “We see the meeting as proving relatively neutral in terms of new information but juxtaposed against policy expectations in the US should support a lower EUR. We hols a year-end forecast of 1.30”.
EUR/USD key levels
As of writing the pair is losing 0.16% at 1.3587 with the next support at 1.3576 (low Jun.26) followed by 1.3574 (low Jun.23) and then 1.3565 (low Jun.20). On the flip side, a breakout of 1.3611 (high Jul.4) would target 1.3664 (high Jul.3) en route to 1.3676 (200-d MA).