EUR/USD steadies below 1.0600, EMU data eyed

FXStreet (Mumbai) - EUR/USD managed a strong pull-back in the European session and hovers below 1.06 handle amid a broadly weaker US dollar and on upbeat German CPI print.

EUR/USD retraces from 1.0643 levels

The EUR/USD now trades at 1.0594 levels, recording a gain of 0.45% on the day, unable to sustain above 1.0600. EUR/USD trimmed gains and fell back below 1.06 handle as traders now await EMU industrial production data and speech by BundesBank’s J.Weidmann for fresh direction on the major. Moreover, a stall in the US rally also keeps the shared currency underpinned.

Meanwhile, traders continue to closely monitor Greek negotiations ahead of its EUR 350bn repayment to IMF tomorrow. Also, a host of US data including retail sales and unemployment claims numbers may provide fresh incentives for the main currency pair.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.0643 (Today’s High) levels, above which gains could be extended to 1.0700 levels. On the flip side, support is seen at 1.0496 (Today’s Low) levels, below which it could extend losses to 1.0450 (Feb 2003) levels.