EUR/USD sinks to weekly lows near 1.1230 post-US data

EUR/USD drops to new lows in the 1.1230 region.
The greenback trades in daily highs around 97.30.
US Retail Sales expanded 0.5% MoM in May.

Pablo Piovano FXStreet

EUR/USD remains well on the defensive the end of the week, shedding further ground to fresh weekly lows in the 1.1230 zone.

EUR/USD weaker on US data

Spot came under extra selling pressure after today’s US docket showed headline Retail Sales expanding at a monthly 0.5% during last month. Additionally, Core sales also gained 0.5% MoM and Retail Sales Control expanded more than expected 0.5% inter-month.

Further US data noted Industrial Production expanded 0.4% MoM in May and Manufacturing Production gained 0.2% from a month earlier, both prints surpassing estimates. Later in the NA session, the flash U-Mich index for the month of June and April’s Business Inventories will close the weekly docket.

Today’s data releases poured some cold water over speculations of a Fed’s rate cut in the near term, lifting US yields as well as the US Dollar Index, all in detriment of the pair.

EUR/USD levels to watch

At the moment, the pair is retreating 0.37% at 1.1234 and faces the initial support at 1.1219 (55-day SMA) seconded by 1.1200 (low Jun.6) and finally 1.1115 (low May 30). On the upside, a break above 1.1347 (high Jun.7) would target 1.1360 (200-day SMA) en route to 1.1448 (monthly high Mar.20).

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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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