EUR/USD sidelined just below 1.1700 ahead of EMU, US data

The pair extends the rangebound theme at-around 1.1700.
The greenback navigates the lower end of the range near 94.50.
US Retail Sales next of relevance later in the NA session.

Pablo Piovano FXStreet

EUR/USD keeps the rally well and sound at the end of the week, although a sirpass of the key 1.1700 barrier still remains elusive.

EUR/USD looks to data

The demand for the single currency gathers further traction on Friday, as the sentiment around the risk-associated complex stays firm and recently supported by positive results from the Chinese docket.

Spot has been advancing since Monday against the backdrop of the persistent offered bias surrounding the greenback, as headlines from US-China trade dispute seems exhausted, the EM FX space appears somewhat calmer and recent US inflation figures disappointed markets.

In the data space, EMU’s Trade Balance figures are coming up next seconded by US Retail Sales, Industrial/Manufacturing Production and the flash gauge of Consumer Sentiment for the current month.

EUR/USD levels to watch

At the moment, the pair is up 0.03% at 1.1694 and a breakout of 1.1734 (high Aug.28) would open the door to 1.1745 (high Jul.31) and finally 1.1792 (high Jul.9). On the other hand, the next support lines up at 1.1622 (10-day SMA) followed by 1.1611 (21-day SMA) and then 1.1508 (low May 29).

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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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