EUR/USD retreats from highs, back near 1.0610 ahead of ISM

The common currency is now losing some upside momentum vs. the greenback, now sending EUR/USD back to the 1.0615/10 band.

EUR/USD stronger, USD correcting lower

The renewed offered bias around the buck has prompted the pair to attempt a bull run towards the 1.0630 region, although it seems to have met a wave of selling orders around those levels.

Final November PMIs in Euroland are likely to pass unnoticed among market participants today, while the general mood keeps hovering over the recent OPEC deal to cap the oil production and its potential implications for the global markets.

Across the pond, USD will take centre stage once again following the release of the always critical ISM Manufacturing, seconded by Markit’s Manufacturing PMI, Initial Claims and the speech by Cleveland Fed L.Mester (voter, hawkish).

EUR/USD levels to watch

The pair is now up 0.17% at 1.0608 and a break above 1.0685 (high Nov.28) would target 1.0700 (23.6% of the November drop) en route to 1.0820 (low Mar.10). On the flip side, the immediate support aligns at 1.0515 (2016 low Nov.24) followed by 1.0457 (2015 low Mar.16) and then 1.0332 (monthly low January 2003).