FXStreet (Edinburgh) - The single currency is now shedding some of its earlier gains vs. the greenback, taking EUR/USD to the 1.0885/90 area following the opening bell in Euroland. EUR/USD attention to PMIs, German data The bid tone remains intact around the euro at the beginning of the new year, sustained by a solid return of the risk aversion to the global markets. However, a break above the relevant 1.0900 mark still remains elusive, at least prior to the release of the final December prints of the manufacturing PMIs in the euro bloc. Of note as well will be the preliminary inflation figures in the German economy during last month, with consumer prices expected to have advanced at an annual pace of 0.6%. Across the Atlantic, US ISM Manufacturing and Markit’s manufacturing PMI will add to the potential drivers for the pair’s price action today. EUR/USD levels to consider At the moment the pair is up 0.28% at 1.0892 facing the next hurdle at 1.1046 (200-day sma) followed by 1.1130 (61.8% Fibo of 1.1496-1.0538) and then 1.1158 (downtrend from 1.1713). On the other hand, a breakdown of 1.0808 (low Jul.20) would aim for 1.0753 (23.6% Fibo of 1.1496-1.0538) and finally 1.0538 (low Dec.3). For more information, read our latest forex news.