The EURUSD slipped again below 1.16, loosing around 0.80% versus the greenback and closing at 1.1554.
The drop was mainly due to broad USD strength, with the Dollar Index closing at a new high for the year driven by risk-off market sentiment around US/China trade concerns, strong US economic data and end of quarter USD demand.
The European side of the equation didn’t help either with Italy signalling they will go against migration decisions at the Eurozone Summit, which starts Today. This would have a negative impact on Germany’s Merkel willingness to close a deal to avoid stress within her own coalition government. The summit will probably show different opinions around Brexit, which is also weighting down on the Euro.
Next levels to watch for the EURUSD are support at 1.1543 (June 15th low) and on the upside, resistance seems to be sitting around 1.1720.