EUR/USD Keeps Gains after US Data
The European currency extends its positive momentum vs. the US dollar today, now taking EUR/USD to the 1.1280/85 band.
EUR/USD bid after US data disappoints
Spot has gathered further traction after today’s US releases have missed expectations. In fact, Industrial Production has contracted at a monthly pace of 0.6% in March vs. an expected drop of 0.1%, while Capacity Utilization Rate has ticked lower to 74.8% vs. 75.3% from the previous month.
The data add to the already softer tone in the greenback and bolster the ongoing correction higher in the pair.
Next on tap will be the advanced Consumer Sentiment gauge tracked by the Reuters/Michigan index, expected at 92.0 for the current month.
EUR/USD levels to watch
The pair is now up 0.21% at 1.1289 facing the initial hurdle at 1.1313 (23.6% Fibo of 1.0820-1.1455) followed by 1.1454 (2016 high Apr.7) and then 1.1496 (monthly high Oct.15 2015). On the other hand, a break below 1.1219 (38.2% Fibo of 1.0820-1.1455) would open the door to 1.1171 (55-day sma) and finally 1.1142 (low Mar.24).
(Market News Provided by FXstreet)