EUR/USD stays near lows around 1.1660 on US data

The pair remains depressed near 1.1660.
The greenback picks up pace above the 94.00 handle.
US Durable Goods Orders surprised to the upside in April.

Pablo Piovano FXStreet

The sentiment around the shared currency remains subdued at the end of the week, dragging EUR/USD to the area of multi-month lows in the 1.1660 region.

EUR/USD weaker on USD-bid tone, US data

The pair deepened its leg lower today following a wave of buying orders around the greenback, while results from the US docket have also lent support to the buck. In fact, US headline Durable Goods Orders contracted at a monthly 1.7%, while Core orders expanded 0.9% inter-month.

Later in the session Chief Powell is due to speak in Stockholm, while the U-Mich final reading for the month of May is also expected.

In the meantime, the pair’s downside pressure remains well and sound today, always keeping an eye on Italian politics and USD-dynamics and despite US 10-year yields keep losing momentum.

EUR/USD levels to watch

At the moment, the pair is losing 0.49% at 1.1660 and a break below 1.1655 (2018 low May 25) would target 1.1600 (psychological level) en route to1.1553 (monthly low Nov.7). On the flip side, the initial hurdle lines up at 1.1786 (10-day sma) seconded by 1.1829 (high May 22) and finally 1.1879 (21-day sma).

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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