EUR/USD wobbles around tops near 1.1080

A bout of selling pressure is now hurting the greenback, helping EUR/USD to trim losses and advance towards the 1.1070/80 band.

EUR/USD ignores US data, attention to FOMC

Spot keeps the daily range in the upper-1.1000s today after US trade deficit has come in at $45.0 billion during May, surpassing forecasts at $40.00 billion and April’s $37.40 billion.

Anyway, the pair seems to have found decent support in the 1.1040 region, following a drop from Tuesday’s peaks in the 1.1180/85 band.

In the meantime, USD will remain under scrutiny in light of the release of the FOMC minutes, with consensus pointing to a dovish tone from the Committee.

EUR/USD levels to watch

The pair is now losing 0.01% at 1.1075 and a break below 1.0913 (post-Brexit low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0709 (low Jan.5). On the other hand, the initial resistance aligns at 1.1095 (200-day sma) ahead of 1.1170 (base of the 6-month rising channel) and then 1.1196 (20-day sma).