EUR/USD slips to 1.1320 post-US data

The shared currency has surrendered initial gains vs. the dollar, now sending EUR/USD to test the 1.1320 area.

EUR/USD shed gains on data

The pair has visited the area of 1.1320 after US New Home Sales have surprised investors to the upside during July, increasing by 654K units or up 12.5%. On the not-so-bright side, Markit’s advanced manufacturing PMI has come in at 52.1 for the current month, missing estimates.

In Euroland, flash Consumer Confidence dropped to -8.5 for the month of August, below expectations and down from July’s print.

The upside momentum un spot seems to have run out of steam in the wake of the releases, although it keeps the trade within the daily range for the time being.

EUR/USD levels to watch

The pair is now up 0.09% at 1.1338 and a breakout of 1.1367 (high Aug.18) would target 1.1434 (high Jun.24) en route to 1.1466 (high Apr.12). On the flip side, the immediate support aligns at 1.1263 (50% Fibo of the May-June down move) followed by 1.1236 (2014-2016 support line) and finally 1.1204 (20-day sma).