FXStreet (Córdoba) – EUR/USD reached a fresh daily high and quickly pulled back as the knee-jerk reaction to the latest string of US data.

Data showed US personal income rose 0.3% in December versus 0.2% expected, while personal spending remained flat in the same period, against a rise of 0.1% expected. Meanwhile, the PCE deflator, Fed’s favourite gauge of inflation, advanced 0.6% over the year, matching forecasts while excluding food and energy, PCE rose 1.4% as expected.

EUR/USD remained overall unchanged, hitting a marginal daily high of 1.0886 before retreating slightly. At time of writing, the pair is trading at 1.0875, 0.42% above its opening price.

EUR/USD levels to watch

As for technical levels, immediate resistances line up at 1.0974 (100-day SMA),1.1000 (psychological level) and 1.1052 (200-day SMA). On the flip side, supports are seen at 1.0809 (Jan 29 low), 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low) ahead of 1.0636 (Dec 1 & 2 highs).

EUR/USD reached a fresh daily high and quickly pulled back as the knee-jerk reaction to the latest string of US data.

(Market News Provided by FXstreet)

By FXOpen