Forex

EUR/USD turns negative near 1.1650 Pablo Piovano

15:46 31 May /2018 Forex

EUR/USD keeps fading its earlier spike to fresh tops beyond 1.1700 the figure and has now returned to the 1.1665/60 band, close to session lows.EUR/USD offered on USD-pick upSpot is now picking up further downside pressure after US Core PCE rose above estimates at a monthly 0.2% during April and 1.8% over the last twelve months.In addition, Initial Claims and Pesonal Spending also surprised to the upside, rising 221K on a weekly basis and expanding 0.6% MoM, respectively.Somewhat alleviated concerns on the Italian front plus higher-than-expected preliminary figures in the euro bloc for the current month also lent extra support to EUR during early trade.However, the recent pick up in the greenback pushed the US Dollar Index back above the 94.00 handle while markets keep waiting for the news briefing by US Secretary W.Ross on steel and aluminium tariffs.Later in the session, the Chicago PMI is due along with Pending Home Sales and the weekly report on US crude oil supplies by the EIA. Further out, FOMC’s L.Brainard and R.Bostic are due to speak.EUR/USD levels to watchAt the moment, the pair is down 0.02% at 1.1661 and a break below 1.1511 (2018 low May 29) would target 1.1479 (low Jul.20 2017) en route to1.1373 (low Jul.13 2017). On the other hand, the next resistance emerges at 1.1693 (10-day sma) seconded by 1.1718 (monthly low Dec.12 2017) and finally 1.1797 (21-day sma).

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