EUR/USD bounces to 1.1240 on US data

EUR/USD has paid little attention to today’s releases in the US calendar, managing to keep the area of session tops in the 1.1240/50 band.

EUR/USD stronger as USD drops further

Spot remained apathetic after US Initial Claims have bettered expectations during last week, coming in at 252K vs. 262K expected and down from the previous week’s 260K. The 4-Week Average has ticked lower to 258.50K from 260.75K.

The persistent selling pressure around the buck continues to sustain the upbeat sentiment in the risk-associated space and is the main driver behind today’s up move in the pair to multi-day peaks.

Later in the NA session, EMU’s Consumer Confidence is due along with US Existing Home Sales.

EUR/USD levels to watch

The pair is now gaining 0.48% at 1.1244 facing the next resistance at 1.1259 (23.6% Fibo of June-August up move) followed by 1.1283 (resistance line off 2016 high) and finally 1.1329 (high Sep.8). On the downside, a break below 1.1121 (low Aug.31) would target 1.1043 (low Aug.5) en route to 1.0950 (low Jul.25).