FXStreet (Edinburgh) - The single currency managed to bounce off session lows in sub-1.3580 levels and is now pushing the EUR/USD to retake the key 1.3600 handle.
EUR/USD propped up by EMU data
Spot found much needed oxygen after the investor’s confidence tracked by the Sentix index in the euro area surprised markets to the upside for the month of July, advancing to 10.1 vs. 7.5 expected and up from June’s 8.5. At the moment the pair is partially trimming losses from recent peaks near 1.3700 the figure, intensified after the better Payrolls numbers. “EUR is unwinding from oversold conditions and further sustained down-move is unlikely. Allow for a test of 1.3570 before a recovery towards 1.3600 can be expected”, observed Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD levels to watch
As of writing the pair is up 0.02% at 1.3598 with the next resistance at 1.3611 (high Jul.4) followed by 1.3664 (high Jul.3) and finally 1.3677 (200-d MA). On the flip side, a breakdown of 1.3576 (low Jun.26) would open the door to 1.3574 (low Jun.23) and then 1.3565 (low Jun.20).