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EUR/USD surrenders gains, back below 1.1300

FXStreet (Edinburgh) - The European currency has faded the earlier spike to the 1.1330 area vs. the greenback, with EUR/USD now returning to sub-1.1300 levels

EUR/USD focus on US data, Fedspeak

The offered tone seems now to be growing bigger around EUR, relegating the pair to keep meandering the lower band of the recent range following last Friday’s sharp correction lower. After an ephemeral advance to session lows near 1.1330, the upside lost impetus and has prompted spot to deflate to the current 1.1290/85 area, as the greenback has started to gather further steam.

There are no scheduled releases in Euroland today, whereas Existing Home Sales and the speech by Atlanta Fed D.Lockhart will be in the limelight across the Atlantic.

EUR/USD key levels

The pair is retreating 0.12% at 1.1287 with the initial support at 1.1258 (low Sep.15) followed by 1.1214 (low Sep.16) and finally 1.1171 (low Sep.10). On the flip side, a breakout of 1.1331 (high Sep.21) would aim for 1.1373 (high Sep.14) and then 1.1441 (high Sep.17).

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