EUR/USD within range near 1.1730

EUR/USD is trading unmotivated within the daily range so far on Monday, currently parked around 1.1730 ahead of today’s US releases.

EUR/USD attention to US data

Spot has been stabilizing in the lower end of the daily range after advanced inflation figures in the euro area showed consumer prices are expected to rise at an annualized 1.3% in July, while core prices are seen advancing 1.2% over the last twelve months.

The pair is absorbing some profit taking and month-end flows pretty well, keeping the trade above 1.1700 the figure and not so far from recent YTD tops in the vicinity of 1.1780.

On the other side, recent lows in the greenback seems to have encouraged USD-bulls to return to the markets, although the perspective for USD remains well into the bearish territory for the time being.

In light of the strong gains in past weeks, EUR speculative net longs have receded to 2-weel lows during the week ended on July 25, as per the latest CFTC report, although positioning still favours the European currency as long as activity in options markets and futures.

Later in the day, US pending home sales and the Chicago PMI will be the only releases in the US docket.

EUR/USD levels to watch

At the moment, the pair is losing 0.17% at 1.1730 facing the next support at 1.1655 (10-day sma) seconded by 1.1611 (high Jul.26) and finally 1.1527 (21-day sma). On the other hand, 1.1777 (2017 high Jul.27) seconded by 1.1800 (psychological level) and then 1.2166 (50% Fibo of the 2014-2017 drop).