The euro erased gains against the U.S. dollar on Friday, despite tepid U.S. economic reports as earlier data from the euro zone failed to boost confidence in the bloc's economic recovery.
EUR/USD pulled away from 1.1364, the session high, to hold steady at 1.1308 during U.S. morning trade.
The pair was likely to find support at 1.1223, the high of January 27 and resistance at 1.1421, the high of January 27.
In a revised report, the University of Michigan said its consumer sentiment index ticked down to 98.1 in January from 98.2 the previous month. Analysts had expected the index to remain unchanged this month.
The UoM also said its inflation expectations for the next 12 months rose to 2.5% this month from 2.4% in December.
A separate report showed that the Chicago purchasing managers' index rose to 59.4 this month from 58.8 in December, whose figure was revised up from a previously estimated reading of 58.3. Analysts had expected the index to fall to 57.5 in January.
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EUR/USD pulled away from 1.1364, the session high, to hold steady at 1.1308 during U.S. morning trade.
The pair was likely to find support at 1.1223, the high of January 27 and resistance at 1.1421, the high of January 27.
In a revised report, the University of Michigan said its consumer sentiment index ticked down to 98.1 in January from 98.2 the previous month. Analysts had expected the index to remain unchanged this month.
The UoM also said its inflation expectations for the next 12 months rose to 2.5% this month from 2.4% in December.
A separate report showed that the Chicago purchasing managers' index rose to 59.4 this month from 58.8 in December, whose figure was revised up from a previously estimated reading of 58.3. Analysts had expected the index to fall to 57.5 in January.
Read more Click here / www.trade4x.net
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