EUR/USD hovers around 1.1800 post-US data

Sellers remain well in control of the sentiment around the single currency, with EUR/USD so far gyrating around 1.18 the figure.

EUR/USD weaker on USD-buying

EUR/USD navigates in the 1.1800 region amidst the perseverant upside pressure in the dollar, which in turn remains underpinned by the pick-up in US yields and favourable Fed-speak as of late.

The better note in the buck comes after FOMC’s Evans and Bullard opened the door to an earlier-than-expected QE tapering, while Chief Powell suggested that high inflation could last longer than previously estimated.

Data wise in the euro area, final headline CPI rose 1.9% YoY in June and Core prices rose 0.9% YoY, both readings matching the preliminary figures.

In the US, Retail Sales expanded at a monthly 0.6%, while sales excluding the autos sector expanded 1.3% MoM.

Later in the NA session, the preliminary July US Consumer Sentiment is due seconded by TIC Flows.

EUR/USD levels to watch

So far, spot is losing 0.11% at 1.1797 and a breakdown of 1.1771 (monthly low Jul.14) would target 1.1762 (78.6% Fibo of the November-January rally) and route to 1.1704 (2021 low Mar.31). On the other hand, the next hurdle is located at 1.1895 (weekly high Jul.6) followed by 1.1975 (weekly high Jun.25) and finally 1.2002 (200-day SMA).