EUR/USD under renewed pressure, back below 1.1300

EUR/USD came under renewed pressure during the American session and hit fresh weekly lows beneath 1.1300 after US confidence data came in slightly above expectations.

EUR/USD slid through the 1.1280 area and made a fresh low at 1.1271 but the decline stalled just ahead of the 10-day SMA. At time of writing, the pair is trading at 1.1275, recording a 0.36% loss on Friday.

The pair is also headed for a weekly loss after being rejected from the 1.1400 area on Thursday. While the ECB continues to buy bonds in the Eurozone, main focus remains on the Fed meeting that concludes on June 15. Despite expectations for a June rate hike fell drastically over the last days, investors will be searching for hints of such move over the next months.

EUR/USD levels to watch

As for technical levels, EUR/USD could find immediate supports at 1.1266 (10-day SMA),  1.1242 (20-day SMA) and 1.1209 (100-day SMA) . On the flip side, resistances line up at 1.1320 (May 10 high), 1.1415 (Jun 9 high) and 1.1445 (May 11 high).