EUR/USD recovery halted near 1.1170

Pablo Piovano FXStreet

The rebound in EUR/USD seems to have run out of steam in the 1.1170 area after dropping to daily lows near 1.1110 earlier in the session.

EUR/USD focus on German data, Greece

Sellers have quickly stepped in after the pair tested daily highs near 1.1170, as the greenback appears to have resumed its initial positive tone.

Tracked by the US Dollar Index (DXY), the buck clinched multi-day peaks around 97.70 earlier in the European morning, although it lost some traction afterwards.

In the meantime, spot managed to leave the area of daily lows as jitters around Greece have subsided somewhat, although developments from the country stay poised to drive the sentiment around EUR in the very near term.

In the data space, all eyes will be on the advanced German inflation figures for the month of May ahead of EMU’s results on Thursday. Earlier in the session, Spanish CPI is seen rising 2.0% in April, down from the 2.6% gain seen in March.

Across the pond, personal income/spending are next on tap seconded by inflation figures gauged by the PCE and the speech by FOMC’s L.Brainard (permanent voter, centrist).

EUR/USD levels to watch

At the moment, the pair is losing 0.15% at 1.1149 facing the immediate support at 1.1110 (low May 30) followed by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1059 (20-day sma). On the flip side, a breakout of 1.1170 (high May 30) would target 1.1192 (high May 29) en route to 1.1235 (high May 26).

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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