EUR/USD attempts to recover 1.1050

The single currency remains entrenched in the negative territory at the beginning of the week, with EUR/USD hovering over the mid-1.1000s.

EUR/USD hit by ‘Brexit’, remains vulnerable

The sentiment surrounding the shared currency remains fragile, as the effects of the UK leaving the European Union continue to hurt the global markets and promise to extend the vulnerability to the political and economic scenarios on both sides of the Channel.

Ahead in the day, developments from the UK will remain key drivers, while the upcoming summit of EU leaders is due to meet tomorrow in Berlin, with the exception of UK’s D.Cameron.

EUR/USD levels to watch

The pair is now losing 0.58% at 1.1052 and a break below 1.0913 (low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0709 (low Jan.5). On the flip side, the immediate hurdle lines up at 1.1098 (200-day sma) followed by 1.1235 (100-day sma) and then 1.1255 (55-day sma).