EUR/USD confined in a narrow trading band near weekly tops
|The EUR/USD pair consolidated its sharp recovery move from Wednesday's multi-week lows and was confined in a 15-20 pips narrow band around multi-day tops near 1.0670-75 band.
Despite of the recent upbeat US economic data, including a trio on Thursday, and growing prospects for an eventual Fed rate-hike action, the greenback has struggled to gain any fresh traction as investors remained cautious and awaited more details on the US President Donald Trump's 'phenomenal' tax plans.
The US economic data released on Thursday showed weekly jobless claims rose less-than-expected while the Philly Fed manufacturing index soared to its highest level since 1984. Furthermore, building permits and housing starts readings also surpassed consensus estimates but could only provide a temporary respite for the US Dollar.
With no relevant fundamental triggers, in-terms of major market moving economic releases, the US Dollar price dynamics would remain an exclusive driver of the pair’s movement on Friday.
Technical levels to watch
From current levels, a follow through up-move is likely to confront resistance near 1.0700 round figure mark above which the momentum could get extended towards 1.0725-30 region ahead of 1.0755-60 strong hurdle.
On the flip side, 1.0655-50 area is likely to protect immediate downside, which if broken could accelerate the slide towards 1.0625 intermediate support before the pair eventually breaks below 1.0600 handle and head towards testing 1.0570 strong horizontal support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.