EUR/USD unmotivated near 1.1170 on US data

The single currency kept the composure following the release of the US docket today, with EUR/USD now hovering over 1.1170/80.

EUR/USD unchanged on data

Spot stays within the daily range despite disappointing results from the US housing sector, where housing starts and building permits came in short of expectations during May.

The pair managed to advance from recent lows in the 1.1130 region following some renewed softness around the greenback, although it proved unable to extend gains further north of the 1.1170/80 band.

Looking ahead, advanced Reuters/Michigan index will gauge US consumer sentiment for the month of June along with the speech by Dallas Fed R.Kaplan (voter, hawkish).

EUR/USD levels to watch

At the moment, the pair is advancing 0.23% at 1.1172 facing the next resistance at 1.1213 (20-day sma) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9). On the other hand, a break below 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).

It is worth noting that the recent bearish divergence in the daily RSI seems to have played its part, with the USD-dynamics now returning to the fore as the main drivers of the price action.