EUR/USD refreshes session tops on softer US data

   •  USD selling remains unabated post-softer data.
   •  Bulls charging in towards Nov. swing highs. 

The EUR/USD pair quickly reversed a mid-European session dip to 1.1925 area and jumped to the top end of its daily trading range.

The US Dollar selling remained unabated following today's weaker than expected US economic data and continued underpinning the pair through the early NA session. 

Moreover, a modest post-data retracement around the US Treasury bond yields further added to the greenback woes and remained supportive of the pair's strong bid tone.

   •  US: Weekly initial claims was 245,000, unchanged from previous week
   •  US: Wholesale inventories for November $610.2 billion, up 0.7% from October 2017
   •  US: International trade deficit was $69.7 billion in November, up $1.6 billion from October

It would now be interesting to see if bulls are able to maintain their dominant position and lift the pair beyond Nov. swing highs resistance near the 1.1960 region amid pre-holiday thin liquidity conditions.

Today's US economic docket also features the release of Chicago PMI, which would now be looked upon for some immediate respite for the USD bulls and short-term trading impetus.

Technical outlook

Valeria Bednarik, American Chief Analyst at FXStreet writes: "Intraday resistances from the current level come at 1.1960 and 1.2000, with a break above this last favoring a continued advance towards 1.2092, this year high. The 1.1900 figure is the immediate support, followed by the 1.1860 region."