EUR/USD dips below 1.1300 on US data

The common currency is now accelerating its way south, sending EUR/USD to levels below the 1.1300 handle.

EUR/USD weaker on US releases

Spot is now retreating for the second consecutive session, dipping to levels last seen in late April in the vicinity of 1.1290 after US Consumer Sentiment gauged by the Reuters/Michigan index has surpassed consensus for the current month, rising to 95.8 vs. 90.0 expected and up from April’s 89.0. The index also showed Current Conditions and Consumer Expectations coming in above initial estimates as well.

These results add to the previous upbeat note from April’s Retail Sales, giving extra wings to the USD rally.

EUR/USD levels to watch

The pair is now losing 0.69% at 1.1298 and a break below 1.1264 (55-day sma) would expose 1.1213 (low Apr.25) and finally 1.1142 (low Mar.24). On the other hand, the next hurdle lines up at 1.1448 (high May 11) ahead of 1.1615 (2016 high May 3) and then 1.1713 (high Aug.24 2015).