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EUR/USD retreats from highs, back to 1.0940

FXStreet (Edinburgh) - The European currency has abandoned the area of session highs vs. the dollar, now relegating EUR/USD to the 1.0940.

EUR/USD capped by 1.0970 ahead of Retail Sales

The earlier bull run in the pair lost some vigour in the 1.0970 area, prompting the current leg lower to the vicinity of 1.0940 ahead of key US data releases scheduled for later in the session.

In fact, prior estimates see headline Retail Sales to have advanced at a monthly pace of 0.3%, while the flash Reuters/Michigan index is seen easing a tad to 91.0 for the current month.

EUR/USD levels to consider

At the moment the pair is down 0.02% at 1.0944 and a breach of 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13). On the other hand, the next hurdle lines up at 1.0973 (55-day sma) followed by 1.1063 (high Dec.9) and then 1.1124 (61.8% Fibo of 1.1496-1.0524).

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The GBP/USD ran into offers at 1.5167 (61.8% Fibo of 1.5336-1.4895) and fell back into losses to trade around 1.5140 levels.
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