EUR/USD firmer, returns to 1.08

By FXStreet FXStreet (Edinburgh) – The common currency has now pared earlier losses and is currently lifting EUR/USD to the 1.08 neighbourhood, albeit still in the negative territory.

EUR/USD trims losses ahead of US data

After bottoming out in the mid-1.0700s during the European morning, the pair has managed to pick up pace and start a correction lower to the current boundaries of 1.0800 the figure, deriving further support from the weaker performance of European equities so far.

The dollar will remain under pressure ahead in the session in light of the key Retail Sales results in the US economy during October, with consensus expecting a 0.3% advance. Further releases will see the Reuters/Michigan index and the speech by Cleveland Fed Loretta Mester.

EUR/USD levels to watch

As of writing the pair is losing 0.13% at 1.0795 facing the next support at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the other hand, a breakout of 1.0880 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma).
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Source:: FX Street