EUR/USD attempts a rebound to 1.3370

FXstreet.com (Edinburgh) -Buying interest turned up in the boundaries of 1.3360 on Monday, lifting the EUR/USD to the current 1.3370 area as the US session is drawing to a close.

EUR/USD eyes on German IFO

Moving forwards to Tuesday’s docket in the 17-nation bloc, market participants will closely follow the release of the German IFO series, where consensus expects improvements in all of it components for the month of August, while US Consumer Confidence will grab all the attention across the pond. Camilla Sutton, Chief Strategist at Scotiabank, argued that short term technical studies appear mixed, adding, “the MACD has failed to generate a buy signal even as spot has rallied to new highs… A close today below last Friday’s at 1.3329 would add to selling pressure”.

EUR/USD levels to watch

The pair is now retreating 0.14% at 1.3367 and a breakdown of 1.3342 (61.8% of 1.2754-1.3452) would target 1.3333 (MA10d) en route to 1.3297 (low Aug.22). On the upside, the initial barrier aligns at 1.3427 (high Aug.21) ahead of 1.3453 (high Aug.20) and then 1.3456 (high Feb.14).