EUR/USD approaches 1.0950 on weaker USD

The now renewed softer tone around the greenback is allowing EUR/USD to attempt a rebound to the area of daily highs in the mid-1.0900s.

EUR/USD finds support around 1.0900

After a volatile session on Wednesday following the victory of Donald Trump in the US elections, spot went from testing multi-week tops in the boundaries of 1.1300 the figure early in Europe to plummet to 2-week lows in the vicinity of the key support at the 1.0900 handle.

As market participants in Asia continue to adjust to Trump’s victory and yesterday’s ‘friendly’ reaction in the European and US markets, some profit taking sentiment is prompting the buck to recede some ground, helping spot to regain the positive territory and advance towards the 1.0950 area.

Nothing worth mentioning data wise in Euroland, where French and Italian Industrial Production figures are due later in the session. Across the pond, the usual report on the US labour market is due along with a speech by St. Louis Fed J.Bullard (voter, centrist).

EUR/USD levels to watch

The pair is now advancing 0.27% at 1.0939 and a breakout of 1.1300 (spike Nov.9) would target 1.1367 (high Aug.18) en route to 1.1434 (high Jun.24). On the downside, the immediate support aligns at 1.0902 (low Nov.9) followed by 1.0850 (low Oct.25) and finally 1.0820 (low Mar.10).