EUR/USD off-highs, back to square one ahead of US data

The EUR/USD pair failed a couple of attempts to take-out stiff resistances lined up near 1.0460 region, reverting to familiar ranges below the mid-point of 1.04 handle.

EUR/USD awaits US data dump

Currently, EUR/USD trades +0.20% higher to 1.0448, having posted fresh three-day highs at 1.0457 in the last hour. The shared currency remains on a firmer footing against its American rival so far this session, largely as investors seek to lock-in gains on their USD long positions heading into 2017, with uncertainty around Trump’s presidency, Fed rate hike outlook and geo-political tensions surrounding Eurozone expected to remain the key themes going forward.

Meanwhile, the main currency pair will get influenced by the year-end flows and thin trades-led erratic moves, besides, a series of US macro news lined up later today. Markets will look forward to the US GDP, durable goods, personal spending and jobless claims data that will be reported today. While Friday’s new home sales and revised consumer sentiment will also remain in the focus

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0476 (10-DMA). A break beyond the last, doors will open for a test of 1.0500 (round figure) and from there to 1.0561 (20-DMA). On the flip side, the immediate support is placed at 1.0383 (previous low) below which 1.0352 (yearly/ 14-yr lows and 1.0300 (key support) could be tested.