- The pair trades within a narrow range near 1.1650.
- The greenback looks to add to yesterday’s gains above 94.70.
- US Durable Goods Orders, Trade Balance figures, next on tap.
EUR/USD is hovering over the mid-1.1600s, or the lower bound of the weekly range so far, as the greenback looks for direction and trade concerns keep dictating the sentiment.
EUR/USD looks to data, risk trends
After Tuesday’s rejection from levels beyond 1.1700 the figure, the pair is now looking to stabilize around the important area of contention in the mid-1.1600s.
Absent relevant releases or events in Euroland, the trade disputes between the US, China and Canada continue to remain in centre stage and prompt some cautious sentiment among investors.
Looking ahead, M3 Money Supply and Private Sector Loans figures are due in the euro area. Across the pond, Durable Goods Orders for the month of May are also expected, seconded by advanced Goods Trade Balance during the same period and Pending Home Sales.
EUR/USD levels to watch
At the moment, the pair is gaining 0.08% at 1.1657 facing the next hurdle 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). On the downside, a break below 1.1627 (low Jun.25) would aim for 1.1623 (10-day sma) and finally 1.1508 (2018 low May 29).
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