The common currency keeps the positive ground vs. the dollar today, with EUR/USD hovering over the 1.1290 area.
EUR/USD looks to Yellen for direction
Spot keeps the buoyancy intact on Friday, trading in the vicinity of the 1.1300 handle ahead of the speech by Chair J.Yellen at Jackson Hole and another revision of US Q2 GDP figures, all against the backdrop of swelling cautiousness amongst investors.
The pair is advancing for the second consecutive session so far amidst a persistent selling bias surrounding the greenback, although gains remain so far capped just above the 1.1300 handle for the time being.
On the EMU’s data front, M3 Money Supply has expanded 4.8% on a year to July, while Private Loans have also grown at an annualized 1.8% during the same period.
EUR/USD levels to watch
The pair is now up 0.06% at 1.1289 and a breakout of 1.1357 (high Aug.23) would aim for 1.1434 (high Jun.24) and finally 1.1466 (high Apr.12). On the other hand, the immediate support aligns at 1.1242 (low Aug.24) followed by 1.1223 (2014-2016 support line) and finally 1.1179 (38.2% Fibo of May-June drop).
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