EUR/USD fails near Monday’s high, retreats to 1.1050

The EUR/USD pair fails several attempts to take-out Monday’s high at 1.1083, and now drifts slightly lower towards the familiar range around 1.1055 amid a string of Brexit comments crossing the wires ahead of the EU Summit.

EUR/USD capped by 1.1080

Currently, EUR/USD now rises +0.26% to 1.1054, having printed fresh session highs at 1.1080 in the last hour. The main currency pair fails once again to sustain at higher levels and trims gains as a sudden influx of Brexit-related headlines from key politicians and EU officials exerted fresh selling pressure on the EUR.

While ECB President Draghi avoided to comments on the Brexit issue during his speech at the ECB Forum in Sintra. Looking ahead, the major is likely to closely follow Brexit-related news flow amid a data-empty EUR calendar.

While in the American session, investors will take fresh cues from the US final GDP figures, consumer confidence and S&P/CS Composite-20 HPI y/y for further momentum.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1083 (Monday’s high). A break beyond the last, doors will open for a test of 1.1102 (200-DMA). On the flip side, the immediate support is placed at 1.0971 (Jun 26 low) below which at 1.0913 (Brexit low) could be tested.