EUR/USD drops further to 1.1760 post-ZEW

The demand for the shared currency stays on the defensive on Tuesday, sending EUR/USD to fresh daily lows near 1.1760.

EUR/USD offered on mixed ZEW

Spot met further downside pressure following mixed results from the ZEW Survey for the current month.

In fact, economic sentiment in both Germany and the euro area came in below expectations at 10.0 and 29.3, respectively, while the German current conditions component surpassed forecasts at 86.7.

In the meantime, the pair continues to shed ground and is now hovering over the 1.1760 region, reverting two consecutive daily gains and coming down from a failed attempt to advance further north of the 1.1830 barrier.

EUR/USD levels to watch

At the moment, the pair is retreating 0.42% at 1.1766 and a breach of 1.1661 (low Aug.17) would target 1.1630 (5-month up trend) en route to 1.1611 (low Jul.26). On the other hand, the initial hurdle aligns at 1.1828 (high Aug.21) followed by 1.1846 (high Aug.11) and finally 1.1894 (high Aug.3).