FXStreet (Edinburgh) - EUR/USD continues to grind lower in the European afternoon, now challenging the 1.1785/80 band, or intraday lows.
EUR/USD weaker, risk aversion on the raise
Spot managed to reverse the initial (and brief) good momentum, coming down from daily peaks around 1.1860 to current lows in the boundaries of 1.1780. Nothing out of the ordinary in the markets in the first half of the week so far, with the greenback resuming its depreciation amidst falling crude oil prices - both Brent and WTI benchmarks below the $50.00 threshold – and increasing unease in the Russia-Ukraine front. Of note however, and adding to the grim outlook on the EUR, net-short positions registered its highest level since November, with contracts rising to 161K.
EUR/USD relevant levels
At the moment the pair is losing 0.45% at 1.1785 with the next support at 1.1754 (2015 low Jan.8) followed by 1.1640 (low Nov. 2005) and then 1.1376 (low Nov.2003). On the upside, a break above 1.1871 (high Jan.12) would expose 1.1897 (high Jan.7) and finally 1.1916 (10d MA).
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