FXStreet (Edinburgh) – After a brief adventure to overnight highs near 1.0920, EUR/USD has now returned to the 1.0900 neighbourhood as the European session has just kicked in.
EUR/USD hinges on risk trends
Absent relevant releases in Euroland and the US economy, the risk trends will once again come to the fore as the exclusive drivers for the pair’s price action today. In the meantime, spot is up for the second session in a row, keeping alive the rebound from recent lows in the 1.0800 region.
EMU’s Producer Prices and Unemployment Rate are due later in the European morning, while IBD/TIPP index, Fed’s E.George’s speech and the API’s weekly report on oil stocks will be in the limelight across the pond.
EUR/USD levels to watch
The pair is now advancing 0.05% at 1.0900 facing the next resistance at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and then 1.1053 (200-day sma). On the other hand, a break below 1.0777 (post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).
(Market News Provided by FXstreet)