EUR/USD steady as investors look past US data

EUR/USD rose modestly and hit session highs as the greenback weakened on the back of disappointing retail sales data, although the pair quickly pulled back to pre-data levels.

Data showed US retail sales rose only 0.1% in November, well below the 0.3% expected, while PPI climbed 0.4%, above the 0.1% increase expected. Mixed data weighed briefly on the dollar, but the move lacked follow  through as investors gear up for the FOMC statement later in the session.

EUR/USD rose to 1.0655 and retreated to the 1.0635 area, where it is currently trading, still 0.1% above its opening price.

EUR/USD technical levels

In terms of technical levels, next resistances could be found at 1.0666 (Dec 13 high), 1.0795 (Dec 5 high), 1.0835 (50-day SMA) and 1.0923 (Nov 11 high). On the other hand, supports are seen at 1.0603 (Dec 13 low), 1.0524 (Dec 12 low), 1.0519 (Nov 24 low) ahead of its 1-year low of 1.0504 (2016 low, Dec 5) and 1.0499 (Dec 3 2015 low).

To learn more about this topic, check our video analysis:

EURUSD from Tip TV Productions on Vimeo.