The single currency keeps its buoyant tone intact on Monday, although EUR/USD still remains unable to surpass the 1.1000 barrier.
EUR/USD attention to US data
The pair continues to trade on a firm fashion at the beginning of the week, recovering part of Friday’s deep pullback to the 1.0960 area amidst a steady stance from the greenback.
In the data space, final inflation figures in the euro area for the month of September have matched preliminary readings, while the NY Empire State manufacturing gauge, Industrial Production, Capacity Utilization and the speech by FOMC’s VP S.Fischer on ‘Low Interests Rates’ at the Economic Club of New York Luncheon are all due across the pond.
Additionally, speculators have increased their EUR net shorts to the highest level since early August during the week ended on October 11, according to the latest CFTC report.
EUR/USD levels to watch
The pair is now gaining 0.18% at 1.0992 facing the next resistance at 1.1003 (7-month prev. support now resistance line) followed by 1.1051 (4-month prev. support now resistance line) and finally 1.1146 (20-day sma). On the flip side, a breakdown of 1.0964 (low Oct.17) would target 1.0950 (low Jul.27) en route to 1.0909 (low Jun.24).