EUR/USD retreats below 1.1700 as USD recovers strength
- EUR/USD trims gains and drops to 1.1700 on the back of a stronger US Dollar.
- Despite retreating against USD, the euro remains higher versus the pound and the Swiss franc.
The EUR/USD pair trimmed gains during the American session and bell back under 1.1700. The slide took place as the US Dollar recovered momentum across the board. US Dollar Index futures (DXY) bounced near 93.50 and were near 94.00.
Weaker-than-expected US Data (Factor orders) did not affect the greenback that rose particularly against European currencies during the last hours but still remains sharply lower versus the kiwi and the Aussie. As the USD rebounded, US equity prices extended gains. The DOW JONES was up 0.80%.
EUR/USD was modestly higher trading slightly below 1.1700. The retreat back under 1.1720/30 signals some difficulties for the pair to extend the rally. Although it remains far from the 11-month low it reached back
EUR/USD Short-term technical levels
To the upside, immediate resistance levels might be seen at 1.1730, 1.1750 and 1.1775 (May 17 high). On the flip side, support could be located at 1.1690 (20-hour moving average), 1.1640 (May 25 & 31 low) and 1.1615 (Jun 1 low).