EUR/USD trims gains, near 1.1050

The common currency is now trading on a tight range following the opening bell in Euroland, taking EUR/USD to the mid-1.1000s.

EUR/USD coming up from 1.1020

The pair seems to have lost some upside momentum following a mixed open in the Old Continent on Monday, with markets still digesting Friday’s strong results from the US docket and the failed military coup in Turkey over the weekend.

After dropping to the 1.1020 area, spot has regained some traction although gains appear so far capped in the vicinity of 1.1080, where sits the key 200-day sma.

According to the latest CFTC positioning report, speculative net shorts in EUR has increased to levels last seen in late January to nearly 90K contracts during the week ended on July 12.

EUR/USD levels to watch

The pair is now gaining 0.21% at 1.1052 facing the next hurdle at 1.1086 (200-day sma) followed by 1.1166 (high Jul.14) and then 1.1184 (high Jul.5). On the other hand, a breakdown of 1.0999 (low Jul.8) would open the door to 1.0913 (post-Brexit low Jun.24) and then 1.0820 (low Mar.10).