EUR/USD: rejected once again at 50% Fib level

FXStreet (Mumbai) - The EUR/USD pair was offered once again around 1.0963, which is the 50% Fib retracement of 1.10461-1.1465. The currency pair is back to square one, trading at 1.0938 at the time of writing.

EUR erases post German retail sales gains

The mixed German retail sales data for April released few minutes back had pushed the currency pair higher to 1.0960 levels from 1.0935-1.040. However, the slowdown in the year-on-year retail sales eventually weighed over the common currency as it made its way back to 1.0935-1.0940 band. The two basis point drop seen in the benchmark German 10-year yield also weighed over the EUR.

Ahead in the day, the European economic calendar has a very little to offer. Apart from the Greek issue, the focus would remain on the second estimate of the US first quarter GDP due for release later today.

EUR/USD Technical Levels

The immediate resistance is seen at 1.0963, above which the currency pair could rise to the psychological resistance at 1.10. On the flip side, a break below 1.0930 (5-DMA) could drive the pair lower to the previous session’s low at 1.0866.