EUR/USD finds support at 1.1650 ahead of US data

• The pair rebounds from daily lows in the 1.1650 region.
• The greenback managed to clinch tops beyond 94.60.
• US CB’s Consumer Confidence next of relevance in the NA session.

EUR/USD remains on the defensive on Tuesday, fading Monday’s spike to the critical barrier in the 1.1720/30 band, albeit meeting moderate support in the mid-1.1600s so far.

EUR/USD looks to US-EU trade front, US data

Spot is shedding some ground for the first time since last Thursday, losing momentum after being rejected from the critical resistance area around 1.1720, where converge recent tops, December 2017 lows and a Fibo retracement of the April-May drop.

On the USD-side, the greenback reverted the initial selling bias and moved higher to the 94.60/65 band earlier in the session, although losing some vigour soon afterwards.

In the data space, nothing noteworthy in Euroland, whereas the S&P-Case/Shiller index and the Conference Board’s Consumer Confidence gauge for the month of June are due later.

EUR/USD levels to watch

At the moment, the pair is losing 0.25% at 1.1675 and a break below 1.1651 (low Jun.26) would open the door to 1.1642 (10-day sma) and finally 1.1508 (2018 low May 29). On the upside, the next hurdle emerges at 1.1720 (high Jun.26) seconded by 1.1722 (23.6% Fibo of the April-May drop) and then 1.1853 (high Jun.14).