The common currency is quickly losing ground vs. the dollar today, sending EUR/USD to test multi-week lows in the 1.1020 area. EUR/USD lower on sentiment, USD The pair is receding around a cent since today’s highs in the 1.1125/20 band, dragged lower by a renewed buying interest around the dollar and mounting risk appetite following the strong recovery of crude oil prices. On the data front, disappointing results from flash manufacturing/services PMIs in Euroland for the current month have been also weighing on ER-sentiment, while Markit’s manufacturing PMI is expected in the US economy along with the Chicago Fed National Activity Index. EUR/USD levels to watch The pair is now losing 0.90% at 1.1028 and a breakdown of 1.1000 (psychological level) would target 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, the next up barrier aligns at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1496 (monthly high Oct.20 2015). For more information, read our latest forex news.