EUR/USD consolidative around 1.1800

The selling bias stays unchanged around the European currency on Monday, with EUR/USD now hovering over the 1.1800 handle after testing fresh lows in the 1.1780 region earlier in the session.

EUR/USD looks to USD, EUR/GBP

The pair continues to suffer the better tone around the greenback, as market participants appear to have already digested Friday’s lower-than-expected US CPI results for the month of September.

In this regard, yields of the key US 10-year reference have managed to bounce off daily lows and reclaim the 2.30% neighbourhood, particularly after the regional NY Empire State index surprised investors to the upside for the current month.

Somewhat limiting the downside, fresh Brexit jitters keep hurting the Sterling and are collaborating with the upbeat sentiment in EUR/GBP.

EUR/USD levels to watch

At the moment, the pair is losing 0.14% at 1.1806 and faces the initial support at 1.1781 (low Oct.16) followed by 1.1686 (low Oct.6) and finally 1.1662 (low Aug.17). On the upside, a breakout of 1.1843 (55-day sma) would target 1.1911 (high Aug.2) en route to 1.2033 (high Sep.20).