EUR/USD fails to hold a weekly close above 1.0500-can it do better this week?

On Friday the dollar came unstuck and that allowed the European currencies to advance. Indeed much earlier in the day, an update here noted the US currency was in a spot of bother. Well, that was not helped by the weaker than forecast US sales data, which missed estimates on all counts. There is no denying that was disappointing data. So, the EUR/USD lifted above the 1.05 handle for the first time since peaking at 1.0533 on January 27. However, it did not seriously threaten that high, peaking on Friday at 1.0514. Furthermore, it failed to hold above 1.05 for the US close, ending the week at 1.0492. Leaving that aside, the rebound from the lows seen on February 3 (1.0141) close to where it was before that move played out has certainly recovered virtually all the ground it lost.  Beyond the previous peak at 1.0533, there are important levels beyond, at 1.0551 and then at 1.0677, should the recovery continue again this week. Overnight the EUR/USD has edged back above the 1.0500 handle, but so far it has not sustained the move. The range has been covered by 1.0478 to 1.0506. It is currently trading at 1.0490