The EUR/USD pair is holding steady above 1.0700 despite a strong rebound in the US Dollar. US Treasury yields rose after positive durable goods data and a successful five-year note sale, affecting market sentiment. Upcoming economic data includes US GDP and Core PCE figures, as well as German consumer confidence data.
The Euro is unchanged against the US Dollar following solid US data that boosted the Greenback. The EUR/USD remains below 1.0700 with minimal gains of 0.01%.
The market sentiment turned negative as US Treasury yields increased after a $70 billion five-year note sale. US Durable Goods Orders rose by 2.6% in March, beating expectations. Core goods also saw an improvement, indicating a strong economy.
On Thursday, the US will release Q1 GDP data and Initial Jobless Claims figures. EUR/USD traders are also watching the Core PCE Price Index for inflation trends. In Germany, the GfK Consumer Confidence for May is expected to improve.
From a technical perspective, EUR/USD may re-test the year-to-date low at 1.0601 if it fails to close above 1.0700. A breach of 1.0601 could lead to a further decline towards 1.0448. On the upside, a break above 1.0700 may push the pair towards 1.0750 and the 50 and 200-DMA levels.