EUR/USD drops further near 1.1130, USD on the rise

The shared currency remains entrenched in the negative territory on Thursday, now dragging EUR/USD to the lower bound of the daily range in the 1.1140/30 band.

EUR/USD weaker on USD buying

The pair continues to fade yesterday’s spike to the boundaries of 1.1200 the figure, as the greenback remains bid across the board in detriment of the risk-associated space.

The continuation of the offered tone in crude oil prices is also collaborating with the downbeat sentiment in the riskier assets, following dovish comments from the IEA earlier in the European morning and another build up in US crude oil inventories reported by the EIA on Wednesday.

On the data front, July’s final inflation figures tracked by the HICP have matched expectations in France although they have come in below preliminary readings in Italy. In the US docket, Initial Claims and Export/Import Prices are next on tap.

EUR/USD levels to watch

The pair is now losing 0.29% at 1.1147 and a break below 1.1083 (200-day sma) would target 1.1043 (low Aug.5) en route to 1.0950 (low Jul.25). On the flip side, the next up barrier is located at 1.1193 (high Aug.10) followed by 1.1236 (high Aug.2) and finally 1.1263 (50% Fibo of the May-June down move).