EUR/USD retreats from 1.1100 ahead of EU Summit

After a brief adventure to daily highs above the 1.1100 handle, EUR/USD has now retreated towards the 1.1075/70 band.

EUR/USD now looks to EU Summit

The better tone in the global risk sentiment has been collaborating with today’s upside momentum in the risk-associated space, pushing spot back above the critical 200-day sma around 1.1100 albeit for a brief period of time.

Looking ahead, the 2-day EU Leaders Summit is next on tap, with the discussion on ‘Brexit’ scheduled for Wednesday without (still) PM D.Cameron.

On the US data front, Q1 GDP figures are due for revision followed by the S&P/Case-Shiller index and CB’s Consumer Confidence.

EUR/USD levels to watch

The pair is now gaining 0.42% at 1.1072 and a break above 1.1129 (low Jun.16) would target 1.1233 (100-day sma) en route to 1.1247 (20-day sma). On the other hand, the immediate support aligns at 1.0913 followed by 1.0820 (low Mar.10) and finally 1.0709 (low Jan.5).