FXStreet (Edinburgh) – The single currency has managed to bounce off session lows vs. the dollar, now lifting EUR/USD to the mid-1.0700s.
EUR/USD better bid on USD weakness
After an ephemeral test of the 1.0700 neighbourhood in early trade, fresh buyers have turned up and pushed spot back to the 1.0745/50 band.
In the meantime ECB’s Hansson has somewhat talked down the possibility of a deposits rate cut in December, showing that opinions amongst Council members remain pretty divided on the matter.
Nothing worth mentioning data wise in Euroland today, with the next risk events in the area being tomorrow’s final CPI figures in Germany followed by EMU’s Industrial Production.
EUR/USD levels to watch
As of writing the pair is advancing 0.25% at 1.0741 facing the next resistance at 1.0943 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1088 (200-day sma). On the flip side, a breach of 1.0658 (low Apr.21) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13).
(Market News Provided by FXstreet)