The pick up in the demand for the greenback has prompted EUR/USD to surrender daily gains and briefly test session lows in sub-1.0600 levels, albeit recovering afterwards.
EUR/USD weaker despite US data
The pair lost the grip on Friday despite US Consumer Sentiment is seen ticking lower to 98.1 during the current month, missing initial forecasts. The data add to the recent Retail Sales figures, which have also come in below consensus.
Spot keeps the bid tone intact today, although gains appear so far capped in the vicinity of 1.0680 for the time being.
EUR/USD remains on its way to clinch its fourth consecutive week with gains, gaining more than 3 cents since 14-year lows seen last week near 1.0340 and always amidst a generalized USD offered tone.
EUR/USD levels to watch
The pair is now gaining 0.13% at 1.0627 facing the next hurdle at 1.0658 (high Jan.13) ahead of 1.0687 (high Jan.12) and finally 1.0798 (high Dec.5). On the other hand, a breakdown of 1.0508 (low Jan.9) would target 1.0495 (20-day sma) en route to 1.0452 (low Jan.11).
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 securities. 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 Forex 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.