EUR/USD jumps to fresh 30- months, eyes 1.1800

The US dollar lost strength after the beginning of the American session and then accelerated the decline, pushing EUR/USD toward 1.1800. The pair rose from 1.1740 to  1.1797, hitting the highest since January 2015. 

USD started to fell after weak US data, then plummeted 

The greenback started to decline after the release of US data. The Chicago PMI fell from 65.7 to 58.9 in July to its lowest level in three months while Pending Home Sales increased in June by 1.5% (up 0.7% y/y). During the last hour, the dollar tumbled probably amid some end-month positioning taking place on a low volume Monday. 

US: Pending Home Sales Index climbed 1.5% to 110.2 in June

The Dollar Index fell below 93.00 hitting a fresh 1-year low at 92.88. It remains near the lows as the greenback losses ground, particularly versus European currencies. The pound, the Swiss franc, and the euro are rising versus the dollar at the same pace. 

Technical levels 

To the upside, resistance levels might be located at 1.1800 (psychological) followed by 1.1865 (Jan 5, 2015, low). On the flip side, support could be seen at 1.1760/65 (Jul 28 high) and 1.1720 (daily low).