EUR/USD retreats from 1-month highs

By FXStreet FXStreet (Córdoba) – EUR/USD rose earlier to 1.1046, level last seen back in early November but it pulled back afterwards, trimming gains. The euro still holds a bullish tone but remains limited below 1.1050 and by the 100-day MA.

EUR/USD back toward 1.1000

From the highs, the pair has fallen almost a 50 pips. Currently it trades at 1.1010, 20 pips above Friday’s closing price. EUR/USD has been rejected from above 1.1030 for the third time out of the last four trading days.

Despite pulling back against the US dollar, the euro still is the best performer among European currencies and is headed toward the highest close in more than a month versus the pound and in a week against the Swiss franc.

There is data tomorrow but…

Tomorrow in the euro area, the ZEW business survey will be released and in the US, inflation data. But Tuesday’s numbers are likely to have a limited impact on EUR/USD as investors continue to point their eyes on the FOMC statement of Wednesday that might include the first rate hike since 2006.

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Source:: FX Street