EUR/USD unable to gather traction, around 1.0580

The single currency is alternating gains with losses at the beginning of the week, with EUR/USD navigating the middle of the daily range near 1.0580.

EUR/USD focus on Yellen

Spot is dropping for the fourth consecutive session so far today, always against the backdrop of a firm tone around the greenback as market participants seem to have already left behind the lacklustre figures from March’s Payrolls (98K).

The pair has come under renewed and strong selling pressure following fresh YTD tops just above the 1.0900 handle recorded on March 27 in response to the ‘Trumpcare’ fiasco.

In the positioning space, after three consecutive weeks of losing ground, EUR speculative net shorts have increased to 2-week highs during the week ended on April 4 according to the latest CFTC report.

EUR/USD levels to watch

At the moment the pair is losing 0.08% at 1.0583 and a breach of 1.0570 (low Apr.10) would target 1.0523 (low Mar.9) en route to 1.0493 (low Mar.2). On the flip side, the immediate hurdle aligns at 1.0624 (100-day sma) followed by 1.0669 (55-day sma) and finally 1.0690 (high Apr.5).