EUR/USD retreats from lows, back near 1.0750

Pablo Piovano FXStreet

The greenback has regained some ground during the European morning on Monday, sending EUR/USD to re-test the mid-1.0700s after briefly assaulting the 1.0780 area.

EUR/USD looks to the Dollar for direction

The pair has failed once again in the proximity of the 1.0780 area (early today and Friday), sparking the ongoing correction lower amidst a moderate recovery from US dollar.

Measured by the US Dollar Index (DXY), the buck briefly tested fresh lows near 99.90 in early trade, although it has managed to regain some traction and advance above the psychological 100.00 handle soon afterwards.

In the data space, German Producer Prices rose less than expected in February, while EMU’s Wages and Labour Cost Index expanded at an annualized 1.6% during Q4 2016.

Later in the NA session, the Chicago Fed National Activity Index is due along with the speech by Chicago Fed C.Evans (voter, dovish).

EUR/USD levels to watch

At the moment the pair is gaining 0.15% at 1.0754 facing the next up barrier at 1.0777 (high Mar.20) followed by 1.0829 (2017 high Feb.2) and finally 1.0873 (high Dec.8 2016). On the other hand, a breach of 1.0726 (low Mar.17) would target 1.0704 (low Mar.16) en route to 1.0647 (100-day sma).

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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