EUR/USD retreats from highs, near 1.1150 ahead of data

The pause in the USD rally has allowed EUR/USD to advance to overnight tops near 1.1160, although its has lost some impetus since then.

EUR/USD attention to data

After testing fresh 3-week lows in the vicinity of 1.1130 on Tuesday, spot has managed to regain some traction and is now navigating the 1.1160/50 band as the upside momentum in the greenback seems to be taking a breather.

Very interesting day ahead for the pair, as Germany will publish its Retail Sales and employment figures, followed by advanced EMU’s inflation figures for the month of August.

Across the pond, the ADP report will be the salient event today seconded by Pending Home Sales.

EUR/USD levels to watch

The pair is now up 0.04% at 1.1148 facing the next hurdle at 1.1197 (2014-2016 resistance line) followed by 1.1367 (high Aug.18) and finally 1.1434 (high Jun.24). On the flip side, a break below 1.1128 (low Aug.30) would target 1.1121 (200-day sma) en route to 1.1043 (low Aug.5).