EUR/USD extends the drop below 1.1300

The common currency is accelerating its weekly decline to levels below the 1.1300 handle, with EUR/USD nearing the 1.1280 area.

EUR/USD focus on US data, Bunds

Spot is losing further ground against a backdrop of increasing buying pressure around the greenback. In addition, yields in German Bunds continue to trade mostly in the red territory, weighing on EUR.

Furthermore, a report by the OECD on the euro area said the ECB should intensify its easing bias if inflation figures extend their low levels more than expected.

On the data front, US Consumer Sentiment gauged by the Reuters/Michigan index is expected later in the NA session, seen at 94.0 in June.

EUR/USD levels to watch

The pair is now losing 0.27% at 1.1288 and a break below 1.1242 (20-day sma) would target 1.1215 (100-day sma) en route to 1.1096 (low May 30). On the flip side, the initial hurdle lines up at 1.1416 (high Jun.8) followed by 1.1448 (high May 11) and finally 1.1466 (high Apr.12).