FXStreet (Edinburgh) – The common currency is extending its rebound from session lows near 1.0880 vs. the dollar, with EUR/USD now recovering the 1.0920 area.

EUR/USD attention to US GDP

The pair paid little attention to the upbeat results from the preliminary inflation figures in the euro area during January, with headline CPI expected at 0.4% on a yearly basis and Core CPI at 1.0% YoY.

The buying interest around the greenback keep weighing on spot, which is trading in the negative territory after clinching highs near 1.0970 earlier in the Asian session. Ahead in the day, advance US Q4 GDP figures will take centre stage in the NA session, seconded by the Chicago PMI and the Consumer Sentiment gauge measured by the Reuters/Michigan index.

EUR/USD levels to watch

The pair is now retreating 0.15% at 1.0924 and a breach of 1.0871 (20-day sma) would aim for 1.0777 (post-ECB low Jan.21) and finally 1.0737 (38.2% Fibo of 1.0538-1.1059). On the upside, the initial barrier aligns at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) en route to 1.1056 (200-day sma).

The common currency is extending its rebound from session lows near 1.0880 vs. the dollar, with EUR/USD now recovering the 1.0920 area…

(Market News Provided by FXstreet)

By FXOpen