FXStreet (Edinburgh) - The single currency is now facing increasing selling pressure ahead of the European open on Tuesday, pushing EUR/USD to test the 1.1300 key support.
EUR/USD weaker ahead of ZEW, data
The pair remains within the recent range although it has lost some altitude from recent peaks, trading in the lower-1.1300s as markets get ready for the ZEW Survey in Germany and results from the euro area.
In fact, market consensus expects the German survey to come in on the weaker side for the current month, hurt by Chinese jitters. The Economic Sentiment in the euro is also expected to ease a tad from August’s reading.
EUR/USD key levels
The pair is retreating 0.04% at 1.1312 facing the next support at 1.1283 (low Sep.14) ahead of 1.1253 (low Sep.11) and then 1.1147 (low Sep.9). On the flip side, a breakout of 1.1374 (high Sep.14) would open the door to 1.1498 (high Aug.23) and finally 1.1523 (high Aug.27).
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