EUR/USD darting back towards 1.1000 psychological mark

The EUR/USD maintained bearish bias and is now darting back towards 1.1000 psychological mark ahead of US economic releases.

Currently hovering around session low near 1.1010 region, the pair on Friday has been solely driven by buoyant sentiment surrounding the greenback, with the overall US Dollar Index regaining its bullish traction following Thursday's corrective pause. 

Friday's release of better-than-expected Euro-zone trade balance data went unnoticed and the pair has now erased majority of its recovery gains recorded on Thursday. 

The US Dollar price dynamics would continue to be a key driver of the pair’s next leg of move during NY trading session as investors look forward to the release of monthly retails sales, PPI and the preliminary release of University of Michigan's consumer sentiment index for October. Also in focus would be speech from the Fed Chair Janet Yellen, due later during NY trading session.

Technical levels to watch

On a sustained weakness below 1.1000 psychological mark, the pair seems to immediately dart towards Thursday's low support near 1.0985 level before heading towards an important horizontal support near 1.0960 region. Alternatively, a rebound from 1.1000 support, and a subsequent move above 1.1020-25 resistance, is likely to boost the pair back towards yesterday's swing high resistance near 1.1055-60 region.