EUR/USD retreats from 1-week highs and trims daily gains

EUR/USD turned south and retraced some of its early gains as the dollar managed to shrug off early weakness and cut losses across the board. 

EUR/USD pulled back after hitting a 1-week peak of 1.1189, but the setback has been contained by the 1.1160 area so far. At time of writing, the pair is trading at 1.1165, still up 0.45% on Wednesday and more than a hundred pips above its post-NFP low of 1.1045.

The were no data releases in Europe and only second-tier indicators in the US, leaving price action mostly driven by market sentiment.   

EUR/USD levels to watch

In terms of technical levels, next resistances are seen at 1.1229 (100-day SMA), 1.1300 (psychological level) and 1.1337 (Jun 27 high). On the other hand, supports could be found at 1.1080 (200-day SMA), 1.1045 (Aug 5 low), 1.0951 (Jul 25 low) and 1.0911 (Jun 24 low).