EUR/USD faded the spike above 1.1150

The single currency has managed to regain the positive territory on Wednesday, with EUR/USD now retaking the mid-1.1100s after bottoming out near 1.1130.

EUR/USD up on USD-selling

The now softer tone around the buck is allowing a moderate rebound in the pair, so far reverting two consecutive sessions with losses and bouncing off recent fresh 3-week lows in the 1.1130 region.

EUR, and the risk-associated space in general, is also deriving support from the rebound in crude oil prices following the recent drop to fresh 7-month lows, with the barrel of Brent crude up smalls in the low-$46.00s for the time being.

Nothing expected on the data front in Euroland, whereas the usual weekly report on US crude oil inventories by the EIA due later in the NA session.

Despite the current rebound, the European currency is expected to stay under pressure in the near term, as positioning in EUR future markets points to a continuation of the liquidation bias.

EUR/USD levels to watch

At the moment, the pair is up 0.09% at 1.1144 facing the next up barrier at 1.1165 (high Jun.20) seconded by 1.1204 (20-day sma) and finally 1.1217 (short-term resistance line). On the other hand, a breakdown of 1.1119 (low Jun.20) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).