FXStreet (Edinburgh) – The European currency maintains the area of daily lows vs. the dollar, with EUR/USD hovering over the 1.0730/25 band so far.
EUR/USD indifferent to US data
The pair has remained apathetic after the US Labor Market Conditions Index has surprised markets to the upside, rising to 1.6 vs. 0.9% anticipated and up from the previous month’s 1.3.
Spot has intensified the downside pressure after rumours that the ECB could be planning to cut its deposit rates further have been gyrating around the markets, prompting sellers to fade the initial bull run to the vicinity of 1.08 the figure.
EUR/USD levels to watch
As of writing the pair is losing 0.08% at 1.0735 and a break below 1.0706 (low Nov.6) would open the doot to 1.0600 (psychological level) and then 1.0519 (low Apr.13). On the other hand, the next resistance lines up at 1.0988 (76.4% Fibo of 1.1496-1.0706) ahead of 1.1095 (200-day sma) and finally 1.1130 (100-day sma).
(Market News Provided by FXstreet)