EUR/USD steady, parked around 1.1400

The single currency meanders within a narrow range at the beginning of the week, taking EUR/USD to the 1.1400 region after a brief test of 1.1390 in early trade.

EUR/USD focus remains on 1.1450

The pair so far manages well to keep business in the upper end of the range around 1.1400 the figure for the time being amidst scarce volatility and thin trade conditions on the usual Monday post-payrolls.

Spot is attempting to consolidate in the recent range, although it needs to break the critical 1.1450 region anytime soon in order to allow for a continuation of the short term up trend. After a couple of unsuccessful attempts to surpass this area, EUR-bulls could start to lose patience and scale back their positions, opening the door for a deeper retracement.

In the meantime and from the positioning front, EUR speculative net longs stayed on the rise during the week ended on July 3, advancing to 3-week tops as per the latest CFTC report.

In the very near term, some consolidation is likely according to the performance from EUR futures markets. The lack of relevant events during the first half of the week in both the US and Euroland appears to reinforce this view.

EUR/USD levels to watch

At the moment, the pair is gainig 0.04% at 1.1404 and a breakout of 1.1448 (2017 high Jun.30) would target 1.1466 (high Apr.12 2016) en route to 1.1616 (2016 high May 3). On the other hand, the immediate support emerges at 1.1387 (10-day sma) followed by 1.1311 (low Jul.5) and finally 1.1278 (21-day sma).