FXStreet (Edinburgh) - The shared currency is now extending its recovery vs. the greenback, sending EUR/USD to test daily peaks around 1.0870. EUR/USD sustained by risk-off trade Another steep drop in the Chinese equity markets (Shanghai -6.3%) plus a renewed weakness around crude oil prices have sparked a wave of risk aversion in the global markets, giving extra support to EUR and sending spot higher ahead of the opening bell in London. There will be no scheduled releases in Euroland today, although the broad risk trends plus some key data in the US calendar should keep investors entertained, all ahead of tomorrow’s FOMC interest rate decision. EUR/USD levels to watch The pair is now advancing 0.14% at 1.0870 and a break above 1.0980 (100-day sma) would target 1.1054 (200-day sma) en route to 1.1059 (high Dec.15). On the flip side, the immediate support aligns at 1.0777 (post-ECB low Jan.21) followed by 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5). For more information, read our latest forex news.