Brocker.Org: EUR/USD around 1.1220 post-US data

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EUR/USD kept the composure following US releases, currently struggling to gather traction in the 1.1230/20 band.

EUR/USD muted on data

The pair stayed apathetic after US New Home Sales came in at 569K units, or contracting 11.4% on a monthly basis during April, missing estimates and coming down from March’s 642k units.

Further data from the US docket saw Markit’s advanced manufacturing PMI expected at 52.5 for the current month, missing forecasts.

Spot stays close to the area of session lows, dropping for the first time after two consecutive advances amidst some moderate recovery in the US Dollar.

In spite of the so far daily pullback, EUR remains underpinned by the speculative community and rising bets on a probable shift from the ECB to a more hawkish tone in the next meetings.

EUR/USD levels to watch

At the moment, the pair is retreating 0.12% at 1.1223 facing the next support at 1.1212 (low May 23) followed by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.0992 (20-day sma). On the flip side, a breakout of 1.1267 (2017 high May 23) would target 1.1300 (high Nov.9 2016) en route to 1.1367 (high Aug.18 2016).

 

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