The shared currency has given away part of its earlier gains vs. its American peer on Tuesday, now taking EUR/USD to the 1.1015/10 band.
EUR/USD focus on US CPI
The pair is extending its rebound from recent lows in the vicinity of 1.0960, managing to regain the psychological 1.10 handle although the up move seems to have stalled around 1.1030 for the time being.
The renewed selling bias around the greenback remains the exclusive driver of the so far tepid price action around EUR, as recent lacklustre results from the US calendar seems to have removed some tailwinds from the USD rally.
Later in the NA session, US inflation figures tracked by the CPI are expected to see consumer prices advancing at an annualized 1.5% during September. Further data will show the NAHB index and TIC Flows.
Additionally, the latest CFTC report showed speculators have increased their EUR net short positions to the highest level since early August during the week ended on October 11.
EUR/USD levels to watch
The pair is now gaining 0.15% at 1.1015 facing the next resistance at 1.1053 (4-month resistance line) followed by 1.1138 (20-day sma) and finally 1.1175 (20-day sma). On the flip side, a breakdown of 1.0964 (low Oct.17) would target 1.0950 (low Jul.27) en route to 1.0909 (low Jun.24).