EUR/USD keeps range near 1.0600 on mixed EZ data

The renewed uptick in EUR/USD appears to have lost steam last minutes, as the bulls remain unimpressed by mixed economic releases from the Euroland.

EUR/USD awaits NFP

Currently, the spot now drops -0.07% to 1.0596, reversing a spike to daily highs reached at 1.0608 in the last hour. The main currency pair extends its upside consolidative mode into Europe, and lacks momentum, as mixed Eurozone economic sentiment and retail sales data fail to provide any fresh impetus to the euro.

The Eurozone economic sentiment for Dec arrived at 107.8 versus 106.8 expected and previously revised 106.6. While the bloc’s retail sales data dropped last month as well as fell short of expectations of a -0.3% decrease.

With the Eurozone data out the way, all eyes remain on the NFP report due later in the NA session. Besides, the major may also take some cues from the US trade balance, factory orders data as well as Fed official Evan’s speech.

Michael Every, Head of FMR at Rabobank, noted, “Finally it’s the two key US issues: the trade balance for November (a whopping deficit is expected) and the payrolls, where a healthy 175K is the consensus – but, as ever, watch the average earnings component for any upside surprises from 2.8% y-o-y. “Havoc” will indeed be the watch-word if we get a >3.0% or <2.5% print there.”

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0613 (daily high). A break beyond the last, doors will open for a test of 1.0654 (Dec 30 high) and from there to 1.0709 (daily R2). On the flip side, the immediate support is placed at 1.0578/75 (50-DMA/ daily low) below which 1.0512 (5-DMA) and 1.0465 (20-DMA) could be tested.