Search ForexCrunch
  • The pair keeps the daily range in the wake of US data releases.
  • The greenback faded the drop to 96.50 and remains close to 96.60.
  • US Philly Fed index came in below estimates in August.

EUR/USD remains bid around the 1.1360 following the publication of key US data releases.

EUR/USD daily gains capped around 1.14

The pair is navigating its second consecutive session with gains so far today, although the earlier up move appears to have met strong resistance in the boundaries of 1.1400 the figure.

Spot remains unable to sustain a bull run despite the key US Philly Fed manufacturing index came in below consensus for the current month at 11.9. Further results saw Initial Claims rising by 212K during last week, taking the 4-Week Average to 215.50K from 214.50K.

Further out, the US housing sector presented mixed results, with Building Permits expanding more than expected 1.5%, or 1.311 million units, while Housing Starts advanced 0.9% (vs. 7.4% forecasted), or 1.168 million units.

In the meantime, the prevailing risk-on mood continues to weigh on the buck, keeping the upside pressure alive around the risk-associated space.

EUR/USD levels to watch

At the moment, the pair is up 0.26% at 1.1376 and a breakout of 1.1476 (10-day SMA) would target 1.1579 (21-day SMA) en route to 1.1629 (high Aug.8). On the flip side, the next support emerges at 1.1301 (2018 low Aug.15) seconded by 1.1188 (61.8% Fibo of the 2017-2018 rally) and finally 1.1118 (monthly low Jun.20 2017).