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EUR/USD retreats from highs

FXStreet (Edinburgh) - The common currency is now losing the grip vs. the US dollar, dragging EUR/USD back to the 1.2645/40 band.

EUR/USD focus on US docket

Spot is trying to leave behind the recent worrisome results from the euro area, although it would need stronger catalysts to spark a recovery to earlier peaks around 1.2770. Data wise today, German consumer prices matched expectations for the month of September, advancing at an annual pace of 0.8%; in the meantime, US ratail sales will be in the limelight across the pond, with consensus expecting a monthly drop of 0.1% in September. “The unexpected EUR weakness appears incomplete and another leg lower towards the recent low near 1.2600/05 is likely for today. Strong resistant is at 1.2680”, noted analysts at UOB Group.

EUR/USD significant levels

As of writing the pair is down 0.10% at 1.2645 and a break below 1.2605 (low Oct.10) would expose 1.2583 (low Oct.7). On the flip side, the initial hurdle lines up at 1.2661 (10-d MA) followed by 1.2718 (21-d MA).

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