/EUR/USD finds resistance at 1.1980 and consolidates losses | by Matías Salord | FXStreet

EUR/USD finds resistance at 1.1980 and consolidates losses | by Matías Salord | FXStreet

EUR/USD down as US dollar recovers.  Euro among worst performers despite EZ data.  The EUR/USD pair dropped further during the American session and bottomed at 1.1957, the lowest since December 29. From the lows it rebounded, finding resistance at 1.1980. As of writing it was trading at 1.1970.  The greenback continues to recover across the board after it bottomed on Friday after the release of the NFP report when EUR/USD spiked at 1.2082. The pair today moved with a bearish bias since the Asian session and weakened further after falling below 1.2000.  The US dollar gained momentum on the back of increasing rate hike expectations at the Federal Reserve March meeting. While the euro dropped also against its European rivals, reaching 1-week low against the Swiss franc and the lowest in almost three weeks versus the pound.  The slide of the common currency took place despite better-than-expected economic data from the Eurozone. Retail sales rose 1.5% (vs 1.3%) in November and the survey on sentiment and confidence showed higher numbers than market consensus.  Levels to watch  To the downside, support levels might lie at 1.1955/60 (daily low), 1.1935 (Dec 29 low) and 1.1905/10 (Dec 27 high). On the flip side, resistance now could be seen at 1.1980 (US session high), 1.2010 and 1.2050 (daily high).