EUR/USD volatile around 1.0580 on upbeat US results

Pablo Piovano FXStreet

EUR/USD has deflated from daily highs above the critical 1.0600 handle following US data today, currently attempting some consolidation in the 1.0580 region.

EUR/USD off highs on upbeat U-Mic

Spot came under renewed selling pressure after US Consumer Sentiment tracked by the Reuters/Michigan index surprised to the upside for the current month, advancing to 96.3 (vs. 96.0 exp.) from January’s 95.7.

Further data from the US docket saw New Home Sales expanding at a monthly 3.7% in January, or 555K units, missing prior surveys.

In the meantime, the pair is so far heading towards its third consecutive week with losses, coming down without stopping since YTD tops in the 1.0830 region seen in late January.

EUR/USD levels to watch

At the moment the pair is up 0.06% at 1.0587 facing the initial hurdle at 1.0618 (high Feb.24) followed by 1.0658 (20-day sma) and finally 1.0682 (high Feb.16). On the flip side, a breach of 1.0492 (low Feb.22) would target 1.0452 (low Jan.11) en route to 1.0339 (2017 low Jan.3).

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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