EUR/USD losses momentum and trims gains below 1.1400

EUR/USD fails to extend gains above 1.1400, losses momentum.
US dollar weakened by data and Fed rumors while euro receives some support from Italian bonds.

Matías Salord FXStreet

The EUR/USD pair is holding to modest daily gains and remains around 1.1400. Earlier today peaked at 1.1426 but then pulled back. After a brief spike to 1.1378 rose back to the 1.1400 area.

As of writing, trades at 1.1390/95, consolidating a modest gain of 25 pips that represents a recovery after falling on Tuesday 80 pips. The move to the upside was supported by a weaker US Dollar. The greenback corrected lower and also was affected by US economic data (durable goods order) that came in below expectations. Also, rumors that the Federal Reserve could halt its tightening cycle during Spring weigh on the greenback.

Italian bonds rose, offering support to the move higher of EUR/USD and also on EUR/CHF. Italy PM Salvani signaled to the possibility of a compromise with the European Commission regarding the budget.

EUR/USD levels to watch

To the downside the immediate, short-term support could be seen at 1.1385 (20-hour moving average), followed by 1.1360 (Nov 20 low) and 1.1320. To the upside, resistance levels might lie at 1.1410, 1.1435/40 and 1.1470/75 (Nov 20 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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