EUR/USD trims losses, approaches 1.1140

The shared currency is now gathering some traction and lifting EUR/USD to the area of 1.1135/40.

EUR/USD focus on risk trends

Spot remains locked within a narrow range at the beginning of the week, alternating gains with losses against a backdrop of a generalized apathy in the global markets in response to the Independence Day holiday in the US.

In the meantime, the pair keeps its consolidative theme above 1.1100 the figure although gains appear so far capped by the base of the rising 6-month channel, today at 1.1172.

Data wise in Euroland, Investor’s Confidence gauged by the Sentix index has dropped to 1.7 for the month of July, missing consensus and down from May’s 9.9.

EUR/USD levels to watch

The pair is now losing 0.01% at 1.1136 and a break below 1.0913 (post-Brexit low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0709 (low Jan.5). On the other hand, the initial resistance aligns at 1.1164 (base of the 6-month up-channel) followed by 1.1215 (20-day sma) and then 1.1269 (55-day sma).