EUR/USD still under pressure near 1.1340, ECB on sight

The demand for the single currency stays depressed so far this week, with EUR/USD navigating the lower end of the range in the 1.1340/30 band.

EUR/USD focus on ECB, ADP

Spot seems to have resumed the weekly downside following yesterday’s bullish attempt to the 1.1370 region, while the greenback remains steady around the 96.00 handle when tracked by the US Dollar Index (DXY).

The pair came under renewed selling pressure after being rejected from Friday’s multi-month peaks in the mid-1.1400s amidst some recovery in the greenback and profit taking.

Ahead in the session, the ECB will publish its minutes from the latest meeting. Market participants will surely look for more detail on the decision by the central bank to drop the easing bias on rates and any hint of a potential tapering of the QE programme in the next months. In addition, Board members J.Weidmann and E.Nowotny are due to speak.

Across the pond, the monthly report on private jobs by ADP is due seconded by Initial Claims, the ISM non-manufacturing and the speech by FOMC’s J.Powell (permanent voter, centrist).

EUR/USD levels to watch

At the moment, the pair is losing 0.11% at 1.1338 facing the immediate support at 1.1313 (low Jul.5) followed by 1.1290 (low Jun.28) and finally 1.1255 (21-day sma). On the flip side, a breakout of 1.1368 (high Jul.5) would open the door to 1.1448 (2017 high Jun.30) and then 1.1466 (high Apr.12 2016).