EUR/USD weak, challenges 1.1800 ahead of US data

The pair fades initial strength and is now testing the 1.18 handle.
The greenback remains sidelined around 93.30 amidst higher yields.
US Philly Fed Index, Initial Claims, next on tap in the docket.

Pablo Piovano FXStreet

The single currency gave away initial gains and is now forcing EUR/USD to put the key support at 1.1800 the figure to the test.

EUR/USD looks to US data

The pair comes under renewed selling pressure in the second half of the week, fading the bull run to the 1.1840 area during early trade and re-focusing on the recently recorded YTD lows in the 1.1760 region.

In the meantime, the greenback is now attempting a rebound to the 93.40/45 band, while yields of the key US 10-year note are now receding from earlier multi-year tops beyond the 3.12% level.

In the data space, the Philly Fed manufacturing index is next of relevance seconded by Initial Claims and the speeches by FOMC’s Kashkari and Kaplan.

EUR/USD levels to watch

At the moment, the pair is losing 0.03% at 1.1803 and a breach of 1.1764 (2018 low May 16) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1553 (monthly low Nov. 7 2017). On the upside, the next hurdle emerges at 1.1886 (10-day sma) seconded by 1.1996 (high May 14) and finally 1.2021 (200-day sma).

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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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