EUR/USD upside halted near 1.1050 post-ZEW

The upside momentum around the single currency now seems to have lost some vigour, with EUR/USD easing some pips after recording fresh 2017 tops at 1.1050.

EUR/USD off highs post-ZEW

The pair deflated from fresh multi-month tops in the mid-1.1000s after German ZEW Survey saw the Economic Sentiment coming in below expectations at 20.6 for the current month. Still in Germany, the Current Conditions component beaten estimates at 83.9.

On the EMU’s data front, preliminary GDP figures showed the economy is seen expanding 0.5% inter-quarter and 1.7% on a yearly basis. Economic Sentiment in the euro area rose to 35.1 this month, surpassing prior estimates, while the trade surplus widened to €30.9 billions.

The strong upside in spot remains bolstered by the increasing selling bias around the greenback, which is testing yearly lows in the 98.40/30 band when tracked by the US Dollar Index (DXY).

In the US docket, Housing Starts, Building Permits, Industrial and Manufacturing Production are all due later in the NA session.

EUR/USD levels to watch

At the moment, the pair is advancing 0.53% at 1.1033 and a break above 1.1050 (2017 high May 16) would target 1.1073 (76.4% Fibo of the 1.1300-1.0339 drop) en route to 1.1300 (high Nov.9 2016). On the flip side, the next support aligns at 1.0979 (low May 16) followed by 1.0887 (20-day sma) and finally 1.0838 (low May 11).