EUR/USD fades the upside to 1.1380

FXStreet (Edinburgh) - The European currency is now retracing the bullish attempt to the vicinity of 1.1380, with EUR/USD now deflating to the mid-1.1300s.

EUR/USD eyes on US data

The pair climbed to the upper bound of the range following upbeat data releases in Euroland today, although the up move run out of legs around 1.1380. Amongst the positive results, EMU’s M3 Money Supply expanded 4.1% on a year to January and Economic Sentiment improved to 102.1 from 101.4.

With Yellen already in the rear-view mirror and Greece in the back burner, today’s US calendar carries the potential of being the next catalyst for the pair in the near term, with inflation figures tracked by the CPI and Durable Good Orders taking centre stage.

EUR/USD levels to consider

As of writing the pair is losing 0.07% at 1.1356 with the next support at 1.1278 (low Feb.20) followed by 1.1270 (low Feb.9) and ahead of 1.1262 (low Jan.29). On the flip side, a break above 1.1390 (high Feb.25) would open the door to 1.1450 (high Feb.19) and finally 1.1486 (high Feb.6).