EUR/USD eases from highs, back around 1.1800
|After hitting fresh tops near 1.1820 in early trade, EUR/USD has now receded to the 1.1800 neighbourhood ahead of the opening bell in Euroland.
EUR/USD looks to yields, US data
The pair is looking to extend yesterday’s advance following another test of the support area around 1.1730, although the bullish attempt appears to have run out of legs in the 1.1810.20 band for the time being.
On the USD-side, the greenback’s positive streak came to a halt on Wednesday, with the US Dollar Index failing to extend the up move to levels closer to the critical 94.00 handle.
Yield spread differentials between US and Germany continue to drive the pair’s price action for the time being, while expectations of some kind of QE-related announcement by the ECB at its meeting next week are also playing their role in the sentiment around EUR.
In the data space, nothing noteworthy in the euro area, whereas the Philly Fed manufacturing index will be the salient event later in the NA session along with the speech by KC Fed E.George (2019 voter, hawkish).
EUR/USD levels to watch
At the moment, the pair is up 0.14% at 1.1803 and a breakout of 1.1840 (55-day sma) would target 1.1882 (high Oct.12) en route to 1.1911 (high Aug.2). On the other hand the initial support emerges at 1.1730 (low Oct.18) seconded by 1.1686 (low Oct.6) and finally 1.1662 (low Aug.17).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.