EUR/USD backs away from daily highs

FXstreet.com (Córdoba) - The euro lost momentum and retraced gains versus the greenback as it found resistance when hitting a daily high of 1.2950.

EUR/USD pulled back from the 1.2950 zone and returned to negative ground for the day, sliding toward 1.2910 before finding support at the 100-hour SMA. At time of writing, EUR/USD is trading around 1.2920 where it is a few pips below its opening price.

The USD received a slight boost after the US S&P/Case-Shiller Home Price Index came in better-than-expected for March, while attention now turns to the release of US consumer confidence data for May due at 14:00GMT.