EUR/USD keeps losses circa 1.1360, US data eyed

FXStreet (Mumbai) - The shared currency maintains the offered tone versus the US dollar in the mid-European session, keeping EUR/USD near lows on the 1.13 handle. The main currency pair remains heavily sold-off largely on weekly profit-taking following the recent upsurge. While stalling rally in the German yields also weighed on the major.

USD data in focus

The EUR/USD trades -0.42% lower at 1.1363, retreating from fresh session lows at 1.1346. EUR/USD halted its three-day rally and extends declines as traders took profits from the recent euro rally ahead of a host of US economic releases.

While additional pressure on EUR/USD was exerted by stabilizing bond markets across the Euro zone after the recent skyrocketing German yields amid a major bond rout.

Later in the session, capacity utilization for April is expected to soften from 78.4% to 78.3%, while industrial production for April should tick higher from -0.6% to 0.0%. The most important indicator for today is the University of Michigan consumer confidence, which should stay at 95.9.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1393 (May 7 High) levels, above which gains could be extended to 1.1421 (Today’s High) levels. On the flip side, support is seen at 1.1346 (Today’s Low) below which it could extend losses to 1.1300 levels.