The EUR/USD pair has reversed its earlier rise to the 1.19 level.
In July, the German Economic Sentiment unexpectedly fell.
The non-manufacturing sector of the US ISM attracts all of the attention on the other side of the Atlantic.
The earlier confidence in the EUR/USD was short-lived. After an unsuccessful attempt to re-visit 1.1900 earlier on Tuesday, the pair quickly reverted to negative territory and now trades around 1.1840.
In response to the increase in demand for the greenback, the EUR/USD has lost ground for the second session in a row and has returned to the low-1.1800s.
The dollar manages to recover from earlier lows in the 92.00 range, as the post-Payrolls selloff and profit-taking attitude appears to have passed.
Economic Atmosphere in Germany and the broader Euroland fell further in July, to 63.3 and 61.2, respectively, contributing to the pessimistic sentiment surrounding the European currency. Earlier in the afternoon, German Factory Orders fell by 3.7 percent on a monthly basis in May.
On the plus side, ECB President De Guindos predicted a “intense” comeback in economic activity in the second half of this year.
The ISM Non-Manufacturing Index will take center stage later in the US data sector, followed by the final Markit Services PMI and the IBD/TIPP Index.
So far, spot is down 0.18 percent at 1.1837, and a break below 1.1807 (July 2 monthly low) would target 1.1762 (78.6 percent Fibo of the November-January surge) and 1.1704, respectively (2021 low Mar.31). The next up barrier, on the other hand, is 1.1895 (weekly high July 6), followed by 1.1975 (weekly high June 25), and finally 1.1997. (200-day SMA)./n
