EUR/USD off daily highs on US data, around 1.1770

EUR/USD keeps navigating the upper end of the daily range, albeit losing some ground after reaching tops beyond 1.1780 earlier in the session.

EUR/USD apathetic on US data

Spot has practically ignores today’s US data, where initial claims rose below estimates 272K WoW and advanced wholesale inventories are expected to expand at a monthly 1.0% in August, missing prior surveys.

On the brighter side, US trade deficit shrunk to $62.94 billion during last month and the third revision of Q2 GDP now sees the economy expanding more than forecasted 3.1%.

Looking ahead, FOMC’s member S.Fischer, KC Fed E.George (2019 voter, hawkish) and Atlanta Fed R.Bostic (2018 voter, centrist) are due to speak later in the day. In addition, investors will pay attention to the press conference between UK and EU officials regarding the ongoing Brexit negotiations.

EUR/USD levels to watch

At the moment, the pair is gaining 0.26% at 1.1778 facing the next hurdle at 1.1811 (55-day sma) followed by 1.1879 (10-day sma) and finally 1.1908 (21-day sma). On the other hand, a breakdown of 1.1662 (low Aug.17) would target 1.1555 (100-day sma) en route to 1.1329 (low Jul.6).