EUR/USD keeps the tight range near 1.1070

EUR/USD remains unmotivated around the 1.1080 area, looking to consolidate the recent drop following solid results from US Non-farm Payrolls (255K).

EUR/USD hinges on RO-RO trends

Absent significant releases or events in the euro bloc or the US economy, the pair remains at the mercy of the risk appetite trends and USD-dynamics, especially after recent NFP figures have put in motion renewed speculations on a rate hike by the Fed in the next months, keeping the buck bid and the pair’s gains limited.

Previously in the data space, traders have practically ignored German trade balance figures for the month of June, while Non-farm Productivity and Unit Labor Costs for the second quarter are due next across the pond, seconded by IBD/TIPP’s Economic Optimism index.

EUR/USD levels to watch

The pair is now losing 0.10% at 1.1075 facing the immediate support at 1.1043 (low Aug.5) followed by 1.0950 (low Jul.25) and then 1.0913 (post-Brexit low Jun.24). On the flip side, a breakout of 1.1150 (55-day sma) would open the door to 1.1236 (high Aug.2) and finally 1.1263 (50% Fibo of the May-June down move).