EUR/USD bounces to 1.1030 on US data, waits for Yellen

The shared currency has managed to stay away from daily lows for the time being, now pushing EUR/USD to the 1.1025/30 band.

EUR/USD regains interest post-data

A bout of USD-selling pressure has allowed the pair to rebound to the 1.1030 area after the preliminary US Consumer Sentiment has come in below expectations for the current month. In fact, the Reuters/Michigan index has dropped to 87.9 vs. 91.9 initially estimated and September’s 91.2.

Despite the current bounce, spot remains well on its way to close its second consecutive week with losses, shedding almost 3 cents since highs around the 1.1280 area recorded in late September.

Later in the NA session, Chairwoman J.Yellen is due to speak at the Boston Fed Conference. Earlier, Boston Fed Eric Rosengren (voter, (ex?) dovish) suggested the balance sheet composition could be modified in order to steepen the curve after suggesting that low bond yields are reflecting the absence of confidence in growth.

EUR/USD levels to watch

The pair is now losing 0.34% at 1.1020 and a break below 1.1001 (7-month support line) would target 1.0950 (low Jul.27) en route to 1.0909 (low Jun.24). On the other hand, the next up barrier is located at 1.1173 (200-day sma) followed by 1.1240 (resistance line off 2016 high) and finally 1.1279 (high Sep.26).

 

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