EUR/USD moves to session tops above 1.1350
|- EUR/USD gains further traction and climbs to 1.1350/55.
- The dollar loses the grip after the opening in Wall St. on Monday.
- Risk-on sentiment remains firm at the beginning of the week.
The upbeat note in the risk complex is now putting the buck under further pressure and pushes EUR/USD to fresh tops in the vicinity of 1.1350.
EUR/USD bolstered by risk-on trade
EUR/USD is adding to Friday’s gains above 1.1300 the figure on Monday, opening the door at the same time for a potential test of last week’s peaks around 1.1370.
On the other hand, the greenback is extending the bearish note for yet another session, starting the fourth consecutive week with losses and well below the 97.00 yardstick.
Hopes of an end of the coronavirus pandemic keep sustaining the bid note in the risk universe, this time exacerbated after Pfizer Inc. and BioNTech SE received the Fast Track status from the Food and Drug Administration (FDA) for two COVID-19 vaccine candidates.
Nothing worth mentioning data wise in Europe, while the Monthly Budget Statement and the speech by FOMC’s J.Williams are only dye across the pond.
What to look for around EUR
EUR/USD as started the week on the positive side once again, always supported by the solid improvement in the risk-associated universe and targeting last week’s tops around 1.1370. The constructive view in the euro, in the meantime, stays well and sound and supported by the improvement of key fundamentals in the region amidst the current (and massive) monetary stimulus by central banks. On top, the solid performance of the region’s current account is also adding to the attractiveness of the shared currency.
EUR/USD levels to watch
At the moment, the pair is gaining 0.49% at 1.1352 and a breakout of 1.1370 (monthly high Jul.9) would target 1.1422 (monthly high Jun.10) en route to 1.1495 (2020 high Mar.9). On the other hand, immediate contention is located at 1.1168 (monthly low Jun.19) seconded by 1.1147 (high Mar.27) and finally 1.1049 (200-day SMA).
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.