EUR/USD off-lows, reverts to 1.0600 ahead of German CPI

A renewed selling-wave seen behind the EUR/USD pair appears to have lost pace just below hourly 100-SMA at 1.0585, with the bulls now lifting the major back to 1.06 handle.

A busy economic calendar ahead                                                                    

Currently, EUR/USD trades -0.13% lower at 1.0600, retreating from session lows reached at 1.0582 some minutes ago. The main currency pair moved-off lows and climbed back to 1.06 handle, as the renewed uptick in the US dollar versus its main competitors faded, as cautiousness sets in heading into a busy economic calendar ahead.   

The common currency now eagerly awaits the German prelim CPI data due later this session, with markets expecting the German inflation to come in a tad softer than the previous reading of 0.2%.

While in the NA session, the US Q3 prelim GDP report, consumer confidence numbers and Fedspeaks will hog the limelight. Fed officials Powell and Dudley are scheduled to speak on US economic growth at separate events later on Tuesday.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0621 (daily pivot). A break beyond the last, doors will open for a test of 1.0685 (weekly high) and from there to 1.0700 (round figure) On the flip side, the immediate support is placed at 1.0561 (Nov 28 low) below which 1.0535 (Nov 25 low) and 1.0515 (multi-month low) could be tested.