EUR/USD fades the spike to 1.1280 post-US data

EUR/USD has rapidly faded the initial spike to session tops beyond 1.1280 following US data, now returning to the 1.1260 region.

EUR/USD stronger on poor US retail sales

The pair has been boosted to fresh tops in the 1.1280/85 band after US advanced Retail Sales have contracted more than initially estimated during last month, down 0.3% (fresh 6-month low). Sales excluding the Autos sector have contracted 0.1% vs. a 0.2% gain initially estimated.

Further data saw Initial Claims at 260K WoW and the Philly Fed Manufacturing Survey at 12.8, both prints coming in above expectations.

EUR/USD levels to watch

The pair is now losing 0.01% at 1.1248 and a break below 1.1198 (2014-2016 support line) would target 1.1146 (200-day sma) en route to 1.1043 (low Aug.5). On the flip side, the initial hurdle aligns at 1.1274 (high Sep.14) followed by 1.1301 (resistance line off 2016 high) and finally 1.1329 (high Sep.8).