The upside momentum around the single currency has run out of steam around 1.1140 vs. the dollar yesterday, allowing EUR/USD to recede to the1.1070 area so far. EUR/USD weaker ahead of Draghi Comments by New York Fed’s Dudley on Wednesday have triggered a wave of selling interest in the greenback, allowing a violent upside in the pair to test the 1.1140 area, or 4-month tops. However, the upside impetus met sellers in the mid-1.1100s, forcing spot to fade part of the spike and return to the current area of daily lows in the 1.1075/70 band ahead of the speech by President Draghi and board member Y.Mersch. Across the pond, Factory Orders and the weekly report on the US labour market will be in the limelight. EUR/USD levels to watch The pair is now retreating 0.31% at 1.1074 facing the next support at 1.1054 (200-day sma) followed by 1.0902 (20-day sma) and finally 1.0777 (post-ECB low Jan.21). On the other hand, a breakout of 1.1146 (high Feb.3) would target 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). Trade Nonfarm payrolls with FXStreet – Live Coverage For more information, read our latest forex news.