EUR/USD eases from tops near 1.1400 ahead of EMU CPI

The pair came under pressure near the 1.1400 handle.
The greenback appears sidelined around 96.80.
German Retail Sales disappointed investors in October.

Pablo Piovano FXStreet

The single currency is now struggling for direction, motivating EUR/USD to retreat from overnight tops in the boundaries of 1.1400 the figure.

EUR/USD looks to data, G20

After two consecutive daily advances and two failed attempts to break above the critical 1.1400 the figure, the pair is now trading on a cautious tone while the greenback remains sidelined early in the European session.

In the meantime, investors’ attention has shifted once again to the US-China trade front and the imminent meeting between Trump and Xi Jinping at the G20 event in Argentina. In this regard, President Trump latest comments noted that a deal could be close.

In the data space, German Retail Sales came in below expectations in October, contracting 0.3% MoM and expanding 5.0% YoY. Later in the day, flash inflation figures in Euroland for the month of November will grab all the attention.

EUR/USD levels to watch

At the moment, the pair is losing 0.07% at 1.1385 facing the next support at 1.1267 (low Nov.28) followed by 1.1214 (2018 low Nov.12) and finally 1.1188 (61.8% Fibo of the 2017-2018 rally). On the flip side, a breakout of 1.1401 (high Nov.29) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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