- The pair retreats from tops near 1.1520 on Thursday.
- The greenback rebounds from lows and tests 95.70 again.
- US Philly Fed index came in above estimates in October.
The bullish attempt in EUR/USD lacked of follow through in the 1.1520 region on Thursday and is now resuming the down move to sub-1.1500 levels.
EUR/USD offered post-US data, looks to EU Summit
After an ephemeral move to daily highs in the 1.1520 region, spot has now come under renewed selling pressure and is once again trading below the key support at 1.1500 the figure.
Jitters around Italy have re-emerged and are weighing on EUR after EU officials are expected to handle Italian Tria a letter expressing the EU’s concerns over the recently submitted 2019 draft budget, which contemplates a 2.4% budget deficit. The news comes ahead of the 2-day EU Leaders Summit, which is kicking it today and has the Italian situation and Brexit in the centre of the debate.
On the data front, the US Philly Fed index came in above forecasts at 22.2 for the current month, while Initial Claims rose at a weekly 210K, also surpassing consensus.
EUR/USD levels to watch
At the moment, the pair is losing 0.06% at 1.1496 and a break below 1.1482 (low Oct.18) would aim for 1.1432 (low Oct.9) and finally 1.1323 (200-week SMA). On the flip side, the next up barrier lines up at 1.1582 (55-day SMA) seconded by 1.1595 (21-day SMA) and then 1.1623 (high Oct.16).
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