- Upside in the pair remains limited around 1.1740.
- The greenback advances marginally above the 94.00 handle.
- EMU’s Services PMI, Retail Sales next on tap in the region.
The demand for the shared currency lost some vigour on Tuesday and is now forcing EUR/USD to return to the 1.1680 region.
EUR/USD looks to data, USD
After advancing to fresh tops in the 1.1740 area at the beginning of the week, sellers stepped in and drove spot back to levels below the 1.1700 milestone.
In the meantime, the greenback appears bid so far, managing well to keep the trade above the key level at 94.00 the figure amidst rising US yields. In fact, yields of the US 10-year note moved higher and are now flirting with the 2.94% zone, near recent tops.
On the data front in Euroland, final Services PMIs for the month of May will be published throughout the morning along with EMU’s Retail Sales figures for the month of April.
Across the pond, the NFIB index and the IBD/TIPP gauge of Economic Optimism are due, preceding the more relevant ISM Non-manufacturing.
EUR/USD levels to watch
At the moment, the pair is losing 0.11% at 1.1685 and a breakdown of 1.1617 (low Jun.1) would target 1.1511 (2018 low May 29) en route to 1.1479 (low Jul.20 2017). On the flip side, the next resistance aligns at 1.1744 (high Jun.4) seconded by 1.1758 (21-day sma) en route to 1.1830 (high May 22).
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