EUR/USD Testing Highs Near 1.1360 on EMU Data

EUR/USD Testing Highs Near 1.1360 on EMU Data

6 June 2016, 11:08
Roberto Jacobs
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EUR/USD Testing Highs Near 1.1360 on EMU Data

The recovery in the EUR/USD pair stalled near 1.1365 region over the last hour, and the major now consolidates in a narrow range, finding support from upbeat Eurozone datasets.

EUR/USD struggling to regain 1.1370

Currently, EUR/USD trades -0.04% lower at 1.1352, having posted session highs at 1.1364 in the last hour. The main currency pair recovered most losses and now trades modestly flat in the European morning, as the EUR finds fresh impetus from above estimates Eurozone Sentix investors’ confidence and retail PMI data. The Eurozone Sentix Investor Confidence came in at 9.9 in June, compared to 6.2 seen last month and against expectations of 7.1 reading.

The major awaits Fed Yellen’s speech on the economic and monetary policy outlook due later in the NA session for fresh hints on the Fed rate hike prospects this year, particularly after Friday’s awful US jobs data. Meanwhile, EUR/USD may continue to track the sentiment on the stock and oil markets for further momentum.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1372/77 (Daily high/ 3-week tops). A break beyond the last, doors will open for a test of 1.1400 (round number) On the flip side, the immediate support is placed at 1.1306 (50-DMA) below which at 1.1281 (5-DMA & May 13 Low) could be tested.

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