EUR/USD ends the week lower, eyes on Fed minutes

By FXStreet EUR/USD found support and managed to regain the 1.1300 over the last hours, although it remains on track to post a daily loss and the second weekly decline in a row.

EUR/USD fell sharply during the American session as the greenback strengthened broadly on the back of upbeat retail sales and consumer confidence data. The pair lost nearly 100 pips throughout the day and bottomed out at 1.1282. At time of writing, EUR/USD is trading at 1.1312, recording a 0.55% loss on Friday and down 0.77% over the week.

On the data front, US retail sales jumped 1.3% in April, marking the fastest pace in 13 months. Meanwhile, University of Michigan reported consumer sentiment improved in May, with the index coming at 95.8 vs 91 expected.

Next week, main focus will be on Fed’s last meeting minutes on Wednesday, with investors paying special attention after last week’s disappointing NFP raised doubts over a June rate hike.

EUR/USD levels to watch

As for technical levels, immediate supports are seen at 1.1282 (May 13 low), 1.1255 (Apr 26 low) and 1.1214 (Apr 25 low). On the flip side, next resistances could be found at 1.1379 (May 13 high), 1.1445 (May 11 high) and 1.1478 …read more

Source:: FX Street