EUR/USD fades the spike to 1.1840, US data eyed

The pair retraces the earlier test of the 1.1840 area, or session tops.
The greenback stays somewhat offered near 93.30, despite higher yields.
ECB’s V.Constancio, US Philly Fed index next of relevance.

Pablo Piovano FXStreet

The single currency appears to have met some dip buyers around 1.1760 and is now pushing EUR/USD to the 1.1820 region after failing to extend the recovery beyond 1.1840 in early trade.

EUR/USD looks to data, yields

After recording fresh multi-month lows in the 1.1770/65 band on Wednesday, the pair managed to attract some attention and has not only regained the 1.1800 barrier but also advanced to the 1.1840 region, where run out of some steam.

On the other side, the buck is navigating its second consecutive session with losses following another YTD tops around 93.65 recorded yesterday. The greenback remains on the defensive despite yields of the key US 10-year note are testing multi-year tops around 3.10%.

Later in the session, the speech by ECB’s V.Constancio will be the sole event in Euroland, whereas the Philly Fed manufacturing index and Initial Claims are expected across the pond. In addition, Minneapolis Fed N.Kashkari (non voter, dovish) and Dallas Fed R.Kaplan (non voter, hawkish) are also due to speak.

EUR/USD levels to watch

At the moment, the pair is gaining 0.12% at 1.1822 facing the next hurdle at 1.1886 (10-day sma) seconded by 1.1996 (high May 14) and finally 1.2021 (200-day sma). On the downside, a breach of 1.1764 (2018 low May 16) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1553 (monthly low Nov. 7 2017).

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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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