EUR/USD retreats further below 1.0900

Matías Salord FXStreet

EUR/USD retreated further after the release of US consumer sentiment data and fell to 1.0895. Currently is back above 1.0900, still hovering above the 20-hour moving average.

The pair peaked at 1.0946 before the release of US Q1 GDP data. Then it turned to the downside and slide further after the US consumer sentiment report showed a rise from 96.9 to 97, below the 98 expected by analyst.

US: Real GDP increased at an annual rate of 0.7% in the first quarter of 2017

US: Consumer sentiment eases to 97 in final (Apr) reading - UoM

The pair is still higher for the day and it stands at 1.0905, far from the highs and 200 pips above the level it had a week ago. The recent decline was boosted by a recovery of the US dollar across the board. The DXY trimmed losses during the American session, after bouncing from 98.55 to 98.90.

The euro remains among the top performers in the currency market on Friday and also during the week. Most gains on Friday came after the release of Eurozone inflation data.

Eurozone: Stronger than expected preliminary April CPI numbers – BBH

Technical levels

To the upside, short-term resistance levels might be located at 1.0920, 1.0945/50 (weekly high) and 1.0985. On the opposite direction, support might now lie at 1.0890 (20-hour moving average), 1.0850/55 (Apr 26, 27 & 28 low) and 1.0830.

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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