EUR/USD retreats from weekly highs to 1.1960
- EUR/USD fails near 1.2000 and trims gains..
- US Dollar finds support on the back of rising US yields
The EUR/USD pair moved off daily highs after being unable to break above 1.2000 and amid a recovery of the US Dollar across the board. The US Dollar Index rose from near 92.00 back above 92.20, erasing most of the day’s losses. The recovery of the greenback took place amid rising US yields.
EUR/USD dropped from 1.1996, the highest since May 3 to 1.1960. It remain above daiyl lows. As of writing was hovering around 1.1970/75, on its way to the third daily gain in-a-row.
The pair continues to move on a recovery mode. It needs to break above 1.2000 in order to open the doors for an extension. No relevant economic data was released today. Tomorrow in the Eurozone GDP is due and in the US, retail sales numbers.
Technical levels
To the upside, resistance levels might be located at 1.1980 followed by the 1.2000 area and 1.2030 (May 2 high). On the flip side support levels could be seen at 1.1960 (session low), 1.1930 and 1.1910.