EUR/USD attempts some recovery near 1.1170

Pablo Piovano FXStreet

After bottoming out at fresh weekly lows near 1.1160, EUR/USD is now looking to pick up some pace following another US release.

EUR/USD finds support at 1.1160

The pair dropped to the area of 1.1160 following upbeat results from US GDP figures for the first quarter, although the lower-than-expected results from US consumer sentiment seems to have alleviated the downside pressure.

In fact, the Reuters/Michigan index came in at 97.1 for the current month, while the inflation expectations component stayed at 2.6% for the same period.

Following the rest of the risk-associated space, the pair is on the way to close the week in the negative territory, eroding part of the recent advance and retreating from multi-month peaks near 1.1270 (May 23).

EUR/USD levels to watch

At the moment, the pair is losing 0.26% at 1.1182 facing the next down barrier at 1.1161 (low May 26) seconded by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1036 (20-day sma). On the flip side, a breakout of 1.1250 (high May 25) would open the door to 1.1267 (2017 high May 23) and then 1.1300 (high Nov.9 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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