EUR/USD keeps lows near 1.0730 on US data

EUR/USD kept the composure after US data releases today, hovering over the 1.0730 area, or daily lows.

EUR/USD offered below 1.0800

Spot has practically remained apathetic after US trade deficit rose to $42.6 billion during October, missing estimates at $41.8 billion and higher than September’s $36.2 billion deficit.

Later in the session, US Factory Orders are expected to have expanded at a monthly 2.6% during October, ahead of the weekly report on US stockpiles by the API.

In the meantime, the pair continues to retrace Monday’s up-move to the 1.0800 neighbourhood after market participants have quickly digested the ‘No’ win at the Italian referendum, reverting the initial drop to fresh 2016 lows near 1.0500 the figure.

EUR/USD levels to watch

The pair is now retreating 0.33% at 1.0728 facing the next support at 1.0700 (23.6% of the November drop) followed by 1.0503 (2016 low Dec.5) and finally 1.0457 (2015 low Mar.16). On the flip side, a break above 1.0798 (high Dec.5) would target 1.0815 (38.2% of the November drop) en route to 1.0848 (low Oct.25)