EUR/USD consolidates below 1.1300 ahead of Europe open

By FXStreet FXStreet (Mumbai) – The EUR/USD pair took a breather in its recent upsurge and extends its corrective slide in to the early European trades, as the US dollar managed to regain control on ripening risk sentiment as Asian equities and oil prices stabilized somewhat following the recent weakness.

EUR/USD keeps losses on strengthening USD

The EUR/USD pair trades -0.28% lower at 1.1284, retreating from highs posted at 1.1320, while the low was struck at 1.1261. The major snapped three consecutive days of gains and fell in to the red as the safe haven status of the euro took a hit on returning risk appetite in the markets.

Most Asian markets turned into the positive territory with the Chinese stocks finally halting its losing streak and gained 0.40% to trade at 3180 levels.

The greenback benefitted the most by the re-emergence of risk sentiment, as markets moved past China fears and now await the key economic releases from the US due later this week for fresh direction on the pair.

Markets now shift their attention towards the US ADP figures and the factory orders amid a data-light EUR calendar ahead.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1320 (Today’s High), above …read more

Source:: FX Street