EUR/USD parked around 1.1740, US data eyed

Pablo Piovano FXStreet

The single currency keeps the positive note on Friday, with EUR/USD navigating a narrow range around 1.1740.

EUR/USD focus on US releases

The pair remains sidelined in the mid-1.1700s so far today, while extending at the same time the consolidative theme prevailing since Monday.

The renewed effervescence in the US political scenario keep weighing on the sentiment around the buck in the meantime, dragging the US Dollar Index to the 93.45/40 band for the time being and keeping yields of the key US 10-year benchmark depressed around 2.19%, close to daily lows around 2.18%.

On another side and supporting EUR, traders seem to have managed to leave behind yesterday’s somewhat dovish message from the ECB minutes, where members expressed concerns over a potential EUR overshooting.

In the data space, flash US consumer sentiment is next on tap, with consensus seeing the Reuters/Michigan index improving to 94.0 in August.

EUR/USD levels to watch

At the moment, the pair is advancing 0.14% at 1.1739 and a breakout of 1.1790 (high Aug.17) would target 1.1846 (high Aug.11) en route to 1.1894 (high Aug.3). On the flip side, the immediate support aligns at 1.1662 (low Aug.17) seconded by 1.1611 (low Jul.26) and finally 1.1587 (4-month up trend).

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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