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EUR/USD eases from tops near 1.1400 ahead of EMU CPI

11/30/2018, 4:20:15 PMMarket Analysis
EUR/USD eases from tops near 1.1400 ahead of EMU CPI

The single currency is now struggling for direction, motivating EUR/USD to retreat from overnight tops in the boundaries of 1.1400 the figure.

EUR/USD looks to data, G20

After two consecutive daily advances and two failed attempts to break above the critical 1.1400 the figure, the pair is now trading on a cautious tone while the greenback remains sidelined early in the European session.

In the meantime, investors’ attention has shifted once again to the US-China trade front and the imminent meeting between Trump and Xi Jinping at the G20 event in Argentina. In this regard, President Trump latest comments noted that a deal could be close.

In the data space, German Retail Sales came in below expectations in October, contracting 0.3% MoM and expanding 5.0% YoY. Later in the day, flash inflation figures in Euroland for the month of November will grab all the attention.

EUR/USD levels to watch

At the moment, the pair is losing 0.07% at 1.1385 facing the next support at 1.1267 (low Nov.28) followed by 1.1214 (2018 low Nov.12) and finally 1.1188 (61.8% Fibo of the 2017-2018 rally). On the flip side, a breakout of 1.1401 (high Nov.29) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20)