EUR/USD clings to gains around 1.1000

The US dollar continues to trade lower versus most competitors, with EUR/USD having recovered from a 2 1/2-month low scored at the weekly opening.

Along with profit taking, a series of disappointing economic figures weighed on the greenback on Monday. Data showed industrial production rose a seasonally adjusted 0.1% in September, matching expectations, after dropping 0.5% in August. Previously, the NY Empire State index dropped to -6.8 for the month of October, well below the 1.0 of consensus. Meanwhile, on the other side of the pond, euro zone consumer price index rose 0.4% in September, in line with expectations. Year-on-year, CPI also gained 0.4% last month.

Against this backdrop, EUR/USD recovered from a low of 1.0963 and climbed to a daily peak of 1.1007 before losing momentum. The pair was last trading at 1.1000, up 0.25% on the day.

EUR/USD levels to watch

In terms of technical levels, immediate resistances line up at 1.1067 (Oct 12 high), 1.1097 (10-day SMA), 1.1141 (Oct 11 high), 1.1172 (200-day SMA) and 1.1193/1.1200 (50-day SMA/psychological level). On the other hand, supports are seen at 1.0960 (Jul 27 low) , 1.0911 (Jun 24 low) and 1.0821 (Mar 10 low).