EUR/USD off lows, retakes 1.1270 ahead of US data

After bottoming out in the mid-1.1200s, EUR/USD has now picked up some pace and is re-testing the 1.1265/70 band.

EUR/USD now looks to US data

The renewed buying interest around the buck remains behind today’s decline in spot to multi-day lows in near 1.1250, retreating for the second consecutive session and extending the leg lower from last week’s tops near 1.1370.

Data wise in the euro bloc, German GDP figures for the second quarter have matched initial estimates, while US Existing Home Sales and the EIA’s weekly report on crude oil inventories will be in the limelight later in the NA session.

EUR/USD levels to watch

The pair is now losing 0.34% at 1.1267 and a breach of 1.1232 (2014-2016 support line) would target 1.1201 (20-day sma) en route to 1.1108 (200-day sma). On the other hand, the initial hurdle aligns at 1.1367 (high Aug.18) ahead of 1.1434 (high Jun.24) and finally 1.1466 (high Apr.12).