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  • The pair retreats from earlier tops above 1.1800 the figure.
  • The greenback manages to regain some traction around 94.00.
  • US advanced PMIs next of relevance across the pond.

After recording fresh 3-month tops beyond 1.1800 the figure earlier in the session, EUR/USD has faced some selling pressure and is now hovering over the 1.1760 zone, or daily lows.

EUR/USD now looks to data

The pair is now trading on the red territory after two consecutive daily advances, including a surpass of the key 1.1745/50 band and the 1.1790 level, both considered tough hurdles on the way to June’s peaks in the mid-1.1800s.

The decline in spot has been in response to easing upside momentum in the risk-associated complex, particularly following (now) not-so-auspicious headlines from the Brexit talks.

The ongoing rebound in the buck from multi-week lows near 93.80 when tracked by the US Dollar Index has been behind today’s knee-jerk in spot. Despite the rebound, the buck remains on track to close the second consecutive week with losses.

In the data space, advanced Manufacturing and Services PMIs in Germany and the euro bloc are expected below expectations for the current month. In the US calendar, Markit will publish its preliminary manufacturing and services PMIs for September.

EUR/USD levels to watch

At the moment, the pair is losing 0.09% at 1.1766 facing the next support at 1.1672 (10-day SMA) followed by 1.1653 (21-day SMA) and finally 1.1526 (low Sep. 10). On the flip side, a break above 1.1803 (high Jul.9) would target 1.1853 (monthly high Jun.14) en route to 1.1947 (200-day SMA).