The shared currency remains under the microscope at the beginning of the week, while EUR/USD is so far navigating the 1.1120 region amidst the continuation of the bid tone in the buck.

EUR/USD looks to data, FOMC

The pair has started the week on a mixed tone, although it manages well to keep business above recent lows in the 1.1100 neighbourhood despite the persistent buying interest surrounding the greenback.

The recent dovish message at the ECB event has opened the door to the probable announcement of a package of accommodative measures at the September meeting, and is expected to keep the single currency under the microscope for the foreseeable future.

EUR/USD levels to watch

At the moment, the pair is losing 0.01% at 1.1123 and faces immediate contention at 1.1101 (2019 low Jul.25) seconded by 1.1021 (high May 8 2017) and finally 1.0839 (monthly low May 11 2017). On the upside, a break above 1.1234 (55-day SMA) would target 1.1286 (high Jul.11) en route to 1.1305 (200-day SMA).

Source: FXstreet