EUR/USD around 1.1930, weekly lows

The selling bias around the shared currency stays well and sound during the first half of the week, with EUR/USD now descending to the 1.1930/20 band, or 3-day lows.

EUR/USD weaker on US rebound

Spot remains on the defensive for the second session in a row today in response to quite a moderate pick up in the demand for the greenback.

In terms of the US Dollar Index (DXY), the buck is approaching the 92.00 handle after bottoming out in the 91.00 neighbourhood during last week, although the broad picture still remains bearish against the backdrop of uncertainty in US politics, debt ceiling concerns and rising skepticism over the likelihood of further tightening from the Federal Reserve.

Nothing scheduled data wise in Euroland today, whereas markets attention should be on the speech by ECB’s VP V.Constancio. Across the pond, the NFIB index and JOLTs job openings are only due.

EUR/USD levels to watch

At the moment, the pair is gaining 0.14% at 1.1936 and a break below 1.1875 (21-day sma) would target 1.1823 (low Aug.31) en route to 1.1798 (5-month support line). On the flip side, the next hurdle aligns at 1.2069 (high Aug.31) followed by 1.2092 (2017 high Sep.6) and finally 1.2167 (50% Fibo of the 2014-2017 drop).