FXStreet (Edinburgh) - The common currency is now losing further ground, pushing EUR/USD to test daily lows in the vicinity of 1.0760.
EUR/USD rally capped near 1.0840
After being rejected near 1.0840 on Thursday, spot is now retreating further as European major equity indices keep reverting the initial negative trend. Previously, German GDP figures for the third quarter have matched expectations while EMU’s GDP results are due next.
Across the Atlantic, US Retail Sales and the Reuters/Michigan index are due later, ahead of the speech by Cleveland Fed L.Mester. Consensus expects headline sales to have expanded at a monthly pace of 0.3%, up from September’s 0.1% gain.
EUR/USD levels to watch
As of writing the pair is losing 0.45% at 1.0760 facing the next support at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the other hand, a breakout of 1.0880 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma).
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