FXStreet (Edinburgh) – The single currency has found some bids in the 1.0910 area today, managing to lift EUR/USD back to the 1.0940 area.
EUR/USD eyes on US docket
The pair remains entrenched in the negative territory during the first half of the week, trading in the low-1.0900s following disappointing results from October’s Services PMIs in Euroland. In addition, the demand for the greenback remains firm, pushing the USD index to session highs and adding further downside pressure to the pair.
The dollar will remain in the limelight ahead in the session, as the ADP report is due later (180K exp.) followed by Trade Balance figures and the ISM Non-Manufacturing, all due in the US economy. In addition, markets will closely follow Yellen’s testimony and the speeches by Fed’s Dudley and Fischer.
EUR/USD levels to watch
As of writing the pair is retreating 0.26% at 1.0934 with the immediate support at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20). On the other hand, a break above 1.1107 (7-month uptrend prev. support now resistance) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1145 (100-day sma).
(Market News Provided by FXstreet)