FXStreet (Mumbai) - The shared currency trades modestly flat versus the US dollar in the early European morning, with EUR/USD fading a spike near 1.1330 region.
EUR/USD supported at 1.1300
The EUR/USD pair trades almost unchanged at 1.1317, retracing slightly from session highs reached at 1.1328 in last hours. The main currency pair oscillates within yesterday’s trading range and erased gains heading into the European opening bells, although holds above the 1.13 handle.
The EUR/USD pair now treads water as the traders turn cautious ahead of the key UK CPI data which may have major impact on the EUR/GBP cross, thus influencing the major as well. Moreover, German ZEW figures will also be closely watched for further incentives.
The buck showed some strength against the euro currency later on Monday, heading for the first winning day since September 3. Thus, the EUR/USD pair stepped down from its nearly three-week high reached at 1.1375 during European market hours.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1375 (Sept 14 High), above which gains could be extended to 1.1394 (Aug 21 High) levels. On the flip side, support is seen at 1.1301 (Today’s Low) below which it could extend losses to 1.1289 (Aug 26 Low) levels.
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