EUR/USD turns negative below 1.0900

FXStreet (Edinburgh) - The shared currency remains in the vicinity of 1.09 vs. the greenback, with EUR/USD coming down from 1.0940.

EUR/USD shed gains post-US data

The pair has faded the initial spike to the 1.0935/40 band despite US Initial Claims ticked higher to 282K in the week ended on May 22nd, up from 274 K previous and missing forecasts at 270K.

Previously, Spanish GDP figures during the first quarter surprised markets to the upside advancing 0.9% QoQ and 2.7% on a yearly basis. In the euro area, Economic Sentiment beaten expectations for the current month, while Business Climate came in below the median.

While Greece remain on the forefront of the drivers for the single currency, market participants are now waiting for US Pending Home Sales and the speech by Minneapolis Fed’s N.Kocherlakota.

EUR/USD levels to consider

As of writing the pair is down 0.10% at 1.0891 with the next support at 1.0880 (low May 28) followed by 1.0819 (low May 27) and finally 1.0785 (low Apr.24). On the flip side, a breakout of 1.0952 (high May 28) would target 1.0984 (high May 26) en route to 1.1062 (low May 20).