EUR/USD finds support near 1.0660, US data eyed

The single currency remains on the defensive in the second half of the week, with EUR/USD probing the lower end of the range near 1.0660.

EUR/USD looks to US docket

The pair is losing ground for another session on Friday although it seems to have found quite decent support in the 1.0660/50 band for the time being.

The rebound in the greenback remains well and sound in the last part of the week, with market participants returning to the buck after recent multi-week lows seen in the US Dollar Index.

EUR remains largely driven by US dynamics, mainly building its recent upside to the 1.0770 area on concerns over the ‘strong Dollar’, as per comments by President D.Trump.

Later in the session, the Eurogroup meeting should keep the focus (yet) on Greece, although it remains far from being a market mover. On the data front, EMU’s M3 Money Supply and Private Loans are due ahead of the more relevant US calendar, where December’s Durable Goods Orders, advanced Q4 GDP figures and the final print of the Reuters/Michigan Index for the month of January are all scheduled.

EUR/USD levels to watch

The pair is now losing 0.01% at 1.0679 and a breakdown of 1.0655 (low Jan.26) would open the door to 1.0619 (20-day sma) and finally 1.0589 (55-day sma). On the flip side, the next resistance lines up at 1.0775 (high Jan.24) followed by 1.0798 (high Dec.5) and then 1.0873 (high Dec.8).