EUR/USD rises above 1.0900 ahead of US data

• US data due on Wednesday includes Jobless Claims and Durable Goods Orders.
• The US Dollar Index retreats from daily highs as yields slide.
• The EUR/USD faces resistance at 1.0920 and has significant support at 1.0880.

The EUR/USD rebounded and is back above 1.0900, trading flat for the day ahead of key US economic data. The pair reached its lowest level in three days during the European session at 1.0881 but started to rise as the US Dollar weakened.

The focus is on US data scheduled for Wednesday. Initial Jobless Claims are expected to show a decline to 225,000 from last week's 231,000. Durable Goods Orders in October are forecasted to decrease by 3.1% after a 4.7% surge in September. Later in the day, the final November University of Michigan consumer sentiment will also be reported.

The outcome of these data releases could impact the US Dollar. So far on Wednesday, the Dollar Index (DXY) is trading marginally higher, hovering around 103.60, after approaching 104.00. The Greenback lost strength as Treasury Yields moved lower. However, the subsequent direction will likely be influenced by incoming US data.

The EUR/USD is hovering above the 20-day Simple Moving Average (SMA) on the four-hour chart, which stands at 1.0915, near a horizontal resistance level seen at 1.0920. If the Euro rises above it, it could gain momentum. On the contrary, the immediate short-term support is seen around 1.0880. Below that, there is an interim support at 1.0850, followed by the strong level at 1.0830.