EUR/USD extends its weekly gains beyond 1.1400
|- The pair pushes higher and now targets the 1.1450 region.
- The greenback trades flat around 95.70, weekly lows.
- Brexit vote should grab all the attention later in the day.
The upbeat tone around the shared currency appears healthy so far on Tuesday, prompting EUR/USD to advance further north of the recently broken 1.1400 handle.
EUR/USD looks to Brexit, US data
Spot is gaining ground since Friday, always on the back of renewed and persistent selling bias around the greenback coupled with holding pattern in the global markets ahead of, firstly, today’s vote on Brexit ‘Plan B’, and secondly, tomorrow’s FOMC meeting.
In the meantime, market participants appear to have already digested the recent ECB event and yesterday’s speech by President Draghi before the European Parliament.
Data wise in Euroland, Spanish unemployment ticked higher to 14.45% in Q4 2018, while Italian Producer Prices are due later in the session. Across the pond, Goods Trade Balance figures are due seconded by house prices tracked by the S&P/Case-Shiller index and the key Conference Board’s Consumer Confidence.
What to look for around EUR/USD
Following the recent ECB event and Draghi’s comments, the central bank is expected to enhance its data-dependency stance in the next months in light of the ongoing slowdown in the region. In addition, the US-China trade talks will also be on the investors’ radar this week ahead of the meeting between US and Chinese officials on Wednesday and Thursday. On the more political side, the upcoming EU parliamentary elections (May) should start to grab extra attention in the next weeks, with special attention on the advance of the populist option among potential candidates.
EUR/USD levels to watch
At the moment, the pair is gaining 0.13% at 1.1440 facing the next hurdle at 1.1448 (100-day SMA) seconded by 1.1550 (50% Fibo of the September-November drop) and finally 1.1569 (2019 high Jan.9). On the other hand, a breach of 1.1414 (21-day SMA) would target 1.1382 (10-day SMA) en route to 1.1289 (2019 low Jan.24).
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