EUR/USD attempts some recovery near 1.1170

After bottoming out at fresh weekly lows near 1.1160, EUR/USD is now looking to pick up some pace following another US release.

EUR/USD finds support at 1.1160

The pair dropped to the area of 1.1160 following upbeat results from US GDP figures for the first quarter, although the lower-than-expected results from US consumer sentiment seems to have alleviated the downside pressure.

In fact, the Reuters/Michigan index came in at 97.1 for the current month, while the inflation expectations component stayed at 2.6% for the same period.

Following the rest of the risk-associated space, the pair is on the way to close the week in the negative territory, eroding part of the recent advance and retreating from multi-month peaks near 1.1270 (May 23).

EUR/USD levels to watch

At the moment, the pair is losing 0.26% at 1.1182 facing the next down barrier at 1.1161 (low May 26) seconded by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1036 (20-day sma). On the flip side, a breakout of 1.1250 (high May 25) would open the door to 1.1267 (2017 high May 23) and then 1.1300 (high Nov.9 2016).