EUR/USD retraces the bull run to 1.0600

The shared currency keeps its bid tone intact during the European morning, although EUR/USD’s upside momentum failed ahead of 1.0610.

EUR/USD bid as dollar remains weak

The pair is posting gains for the second consecutive session today, managing to gain almost a cent since yesterday’s fresh 2016 lows in the 1.0515/10 band.

The offered bias around he greenback is giving spot some oxygen, as the US Dollar Index keeps correcting lower after reaching fresh 13-year tops above the 102.00 mark earlier in the week.

However, gains further north of the 1.0600 handle should find a tough resistance area around 1.0650/60, where sellers seem to be clustered as shown by previous unsuccessful bullish attempts.

Nothing relevant data wise in Euroland, with only Italian Industrial Sales/Orders due for release. In the US, Trade Balance figures during October are due followed by the flash Services PMI tracked by Markit.

EUR/USD levels to watch

The pair is now up 0.33% at 1.0589 facing the initial resistance at 1.0660 (high Nov.22) followed by 1.0763 (high Nov.16) and finally 1.0826 (high Nov.14). On the flip side, a breakdown of 1.0515 (2016 low Nov.24) would open the door for 1.0457 (2015 low Mar.16) and then 1.0332 (monthly low January 2003).