EUR/USD upside stalled around 1.1230

The upside in EUR/USD seems to have lost some momentum around 1.1230 for the time being, as the greenback is attempting a rebound from daily lows.

EUR/USD supported near 1.1160

After bottoming out in the 1.1165/60 band on Friday, spot managed to grab some buying interest and has retaken the 1.1200 handle and beyond, always backed by a softer note in the buck in a context of a very quite session in the data space.

With the ECB meeting already in the rear-view mirror, EUR is deriving support today from the political scenario in France after President Macron’s En Marche party won the first round of the legislative elections on Sunday, paving the way for a majority in the National Assembly. The second round is due on Sunday 18.

EUR also stays underpinned from the speculative front, with net longs climbing further to the highest level since late December 2011 during the week ended on June 6, as shown by the latest CFTC report.

Data wise in Euroland, the next risk event will be the release of the ZEW survey in Germany and the euro area, expected tomorrow.

EUR/USD levels to watch

At the moment, the pair is up 0.20% at 1.1217 and a breakout of 1.1240 (high Jun.9) would target 1.1284 (2017 high Jun.5) en route to 1.1300 (high Nov.9 2016). On the flip side, the next support is located at 1.1165 (low Jun.9) followed by 1.1108 (low May 30) and finally 1.1073 (76.4% Fibo of 1.1300-1.0339).