EUR/USD bounces off 1.0600 on US data

Pablo Piovano FXStreet

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).

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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