EUR/USD stays on the defensive near 1.1610

• The demand for EUR remains subdued, spot around 1.1610.
• The greenback clinches tops around 94.80 ahead of data.
• EMU’s M3 Money Supply rose more than expected in May.

The selling pressure around the European currency remains well and sound on Wednesday and is now dragging EUR/USD to session lows in the 1.1620/10 band.

EUR/USD now looks to US data

The pair is extending the leg lower to fresh 4-day lows in the 1.1620/10 band on Wednesday amidst a strong rebound in the greenback, with the US Dollar Index (DXY) now targeting the 95.00 neighbourhood.

In fact, the pair is prolonging the rejection from the critical resistance area around 1.1720 seen earlier in the week, where meet recent tops, December 2017 lows and a Fibo retracement of the April-May drop.

In the data space, EMU’s M3 Money Supply expanded more than expected at an annualized 4.0% in May, while Private Sector Loans rose 2.9% YoY in the region, a tad below estimates.

Across the pond, Durable Goods Orders, advanced Goods Trade figure, Pending Home Sales and speeches by FOMC’s Rosengren and Quarles should be in the limelight later in the NA session.

EUR/USD levels to watch

At the moment, the pair is losing 0.33% at 1.1610 and a break below 1.1530 (low Jun.19) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017). On the other hand, the immediate resistance lines up at 1.1720 (high Jun.26) seconded by 1.1722 (23.6% Fibo of the April-May drop) and then 1.1853 (high Jun.14).