EUR/USD off highs, re-testing 1.0600

EUR/USD has abandoned the area of daily highs near 1.0620 and has now returned to the 1.0600 neighbourhood, marginally up for the day.

EUR/USD capped around 1.0620

The pair has gathered traction earlier in the session although the bullish attempt seems to have run out of steam around the 1.0620/30 band, matching yesterday’s highs.

However, the initial negative tone around the buck has mitigated somewhat, putting spot under renewed downside pressure, which once again found support near the key 1.0600 support.

Data wise, US Export Prices rose above expectations 0.2% MoM in March while Import Prices contracted 0.2% MoM. Later in the session, Dallas Fed R.Kaplan (voter, hawkish) is due to speak.

EUR/USD levels to watch

At the moment the pair is gaining 0.04% at 1.0608 facing the next up barrier at 1.0619 (high Apr.12) followed by 1.0631 (high Apr.11) and finally 1.0665 (55-day sma). On the downside, a break below 1.0568 (low Apr.10) would target 1.0523 (low Mar.9) en route to 1.0493 (low Mar.2).