EUR/USD unmotivated around 1.1240 ahead of US ISM

EUR/USD remains within a roughly 20-pip range at the beginning of the week, navigating between 1.1220 and 1.1240 ahead of US data releases.

EUR/USD now looks to US calendar

Spot keeps the composure on Monday, hovering over 1.1230/40 against a backdrop of scarce volatility and clear direction in the global markets.

Previously, positive readings from final September manufacturing PMIs in the euro region failed to ignite some fresh buying around EUR, relegating all the attention to the releases across the pond, where Markit’s Manufacturing PMI and the ISM Manufacturing will take centre stage.

According to the latest CFTC report, speculative EUR longs have climbed to 4-week highs during the week ended on September 27, dragging net shorts to the lowest level since late August.

EUR/USD levels to watch

The pair is now losing 0.05% at 1.1234 facing the immediate support at 1.1164 (200-day sma) followed by 1.1122 (2014-2016 support line) and then 1.1043 (low Aug.5). On the flip side, a break above 1.1259 (resistance line off 2016 high) would target 1.1279 (high Sep.26) en route to 1.1329 (high Sep.8).