EUR/USD within range ahead of US ISM

The shared currency keeps its tight range at the beginning of the week, with EUR/USD hovering over the 1.1170 area.

EUR/USD ignored PMIs, focus on ISM

The pair is alternating gains with losses on Monday, trading around the 1.1170 area after a failed attempt to break above the 1.1200 barrier (Friday’s high) on a sustainable basis.

Data wise, final manufacturing PMIs in the euro area have come in mixed, although the impact on spot remained marginal. Across the pond, the key ISM Manufacturing is due later in the NA session, with consensus expecting the index to slip to 53.0 for the month of July vs. June’s 53.2.

EUR/USD levels to watch

The pair is now losing 0.07% at 1.1166 and a breakdown of 1.1077 (200-day sma) would target 1.0950 (low Jul.25) en route to 1.0913 (post-Brexit low Jun.24). On the upside, the initial hurdle lines up at 1.1200 (high Jul.29) followed by 1.1237 (100-day sma) and then 1.1274 (base of the 8-month rising channel).