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EUR/USD erases gains to trade flat

FXstreet.com (Córdoba) - The shared currency failed to sustain the IFO propelled gains versus the greenback and after hitting a daily high of 1.2993, it lost momentum and pulled back. Better-than-expected US durable goods orders data provided some support for the dollar, which dragged EUR/USD back to its opening levels.

At time of writing, EUR/USD is trading at the 1.2930 zone, where it is virtually unchanged on the day, as investors refrain from taking big positions ahead of the US long weekend.

As for technical levels, on the downside immediate supports for the pair could be found at 1.2900 (10-day SMA/psychological level) and 1.2820 (low May 23), while on the flip side, resistances are seen at 1.3000 (psychological level), 1.3030 (high May 14) and 1.3050 (high May 10).

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