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EUR/USD weak around 1.1860, USD remains bid

  • Sentix index misses consensus in December.
  • Spot lower on USD-buying.
  • US factory orders next on tap.

The demand for the single currency remains subdued at the beginning of the week, with EUR/USD now treading water in the 1.1860 area.

EUR/USD offered on USD rebound

After bottoming out in the 1.1840 region earlier in the session, spot managed to gain some attention and is now meandering in the 1.1860 area.

The underlying tone in the pair remains offered in a context of a broad-based USD strength on Monday. The greenback recovered the smile today after the US Senate passed the tax reform bill, while uncertainty around the recent developments relating to the Russia-gate seems to have also lent some support to the buck.

In the data space, the Sentix index in the euro area came in below expectations for the current month, while October’s factory orders are next on tap in the US calendar.

EUR/USD levels to watch

At the moment, the pair is losing 0.36% at 1.1853 and a breakdown of 1.1837 (low Dec.4) would target 1.1810 (low Nov.30) en route to 1.1773 (21-day sma). On the flip side, the immediate target emerges at 1.1961 (high Nov.27) seconded by 1.2033 (high Sep.20) and finally 1.2069 (high Aug.29).

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