EUR/USD inching higher to 1.0650, US data eyed

Pablo Piovano FXStreet

EUR/USD keeps its buoyancy intact on Friday, currently navigating the mid-1.0600s ahead of key releases in the US docket.

EUR/USD attention to US data

The pair sticks to the bullish note for the fourth consecutive week so far, looking to break above the critical resistance band around 1.0650 on a more sustainable basis and always against the backdrop of a persistent bias around the buck.

Speculative positioning, scepticism over the ability of the Trump’s administration to eventually deliver measures to boost further the US economy and a dubious FOMC have been weighing on the greenback since the start of the new year, sparking at the same time the ongoing correction higher in spot, which has already gained 3 cents since 14-year lows near 1.0340 seen on January 3.

Looking ahead, USD will remain in centre stage in light of the upcoming US Retail Sales (0.7% exp.) and the Reuters/Michigan Index (98.5 exp.).

EUR/USD levels to watch

The pair is now gaining 0.32% at 1.0646 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).

1. R3 1.0796
2. R2 1.0740
3. R1 1.0682
PP 1.0627
1. S1 1.0569
2. S2 1.0513
3. S3 1.0455

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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