EUR/USD up smalls around 1.1600 ahead of ZEW

• The index posts marginal gains around the 1.1600 handle.
• The greenback struggles for direction near 95.00.
• German/EMU ZEW survey coming up next in Euroland.

The demand for the European currency remains quite stable in the first half of the week, prompting EUR/USD to leave the area of recent lows in the 1.1530/25 band and regain the 1.1600 key barrier.

EUR/USD looks to risk trends, ZEW

The pair is adding to yesterday’s gains, although both the 10-day SMA and the 55-day SMA at 1.1618 and 1.1613, respectively, appear to cap the upside for the time being.

In the meantime, EUR managed to shrug off recent escalation in the US-China trade dispute following President Trump’s comments that further tariffs could be in the pipeline, while the calmer mood in the EM FX space helped to restore a better sentiment in the riskier assets.

Looking ahead, the German/EMU ZEW Survey will be the salient event in the Old Continent later in the morning. Across the pond, the JOLTs Jobs Openings and the weekly report on US crude oil supplies by the American Petroleum Institute (API) are also expected.

EUR/USD levels to watch

At the moment, the pair is gaining 0.05% at 1.1599 facing the next resistance at 1.1659 (high Sep.6) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31). On the flip side, a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15).

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