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).
- R3 1.0796
- R2 1.0740
- R1 1.0682
- PP 1.0627
- S1 1.0569
- S2 1.0513
- S3 1.0455