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EUR/USD coming down from 1.0620

FXStreet (Edinburgh) - EUR/USD has now returned to the 1.0590/85 area after posting 2-day highs in the 1.0620 region in earlier trade.

EUR/USD cautious ahead of ECB

Spot keeps the trade in multi-month lows just above the mid-1.0500s, against the backdrop of increasing cautiousness amongst traders. The upcoming ECB meeting and prospects of further easing in the region remain the exclusive driver behind the persistent offered tone around EUR for the time being.

Previously, auspicious results from euro zone PMIs and positive data from EMU and German labour markets gave the pair extra legs, although a more sustainable correction higher still remains elusive.

EUR/USD levels to watch

As of writing the pair is up 0.25% at 1.0593 and a breakout of 1.0805 (monthly lows May and July) would expose 1.0829 (high Nov.12) and then 1.1012 (55-day sma). On the flip side, the immediate support aligns at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16).

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