EUR/USD off highs, back to 1.0980

By FXStreet FXStreet (Edinburgh) – After a brief adventure to the 1.1030 area, EUR/USD has now returned to the 1.0990/85 band.

EUR/USD up on USD-weakness

The greenback is facing increasing selling pressure after the PBoC has signalled its intentions to weaken the Chinese currency. The report, released by DJ, has offset any positive impact of earlier auspicious results from US Retail Sales during November, coming in on a healthy tone.

Further data showed US flash Consumer Sentiment measured by the Reuters/Michigan index coming in at 91.8 for the current month, surpassing consensus at 91.0.

EUR/USD levels to consider

At the moment the pair is up 0.58% at 1.1002 with the next hurdle at 1.1033 (200-day sma) followed by 1.1063 (high Dec.9) and then 1.1124 (61.8% Fibo of 1.1496-1.0524). On the other hand, a break below 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13).
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Source:: FX Street