EUR/USD moves to session tops above 1.1350 ahead of EMU CPI
|- The pair trades on a better mood and clinches highs beyond 1.1350.
- The greenback eases from recent YTD peaks above the 97.00 handle.
- EMU’s flash CPI figures for the month of October next of relevance.
The single currency is trading on a firmer note on Wednesday and is lifting EUR/USD to fresh daily highs in the 1.1350/55 band.
EUR/USD now looks to data
After two consecutive daily pullbacks, the pair is now recovering the smile and advances to the mid-1.1300s, recording at the same time fresh session highs amidst a retreat in the greenback from yesterday’s fresh 2018 tops beyond 97.00 the figure when tracked by the US Dollar Index (DXY).
In the meantime, the US Dollar is giving away part of its recent gains vs. its main rivals against the backdrop of rising yields of the key US 10-year note, which are advancing to the 3.15% area.
Looking ahead, market participants will closely follow the publication of the preliminary inflation figures in Euroland for the month of October. Across the pond, the ADP employment report is due next seconded by the Chicago PMI and the EIA weekly report on crude oil stockpiles.
EUR/USD levels to watch
At the moment, the pair is up 0.11% at 1.1355 facing the next hurdle at 1.1415 (10-day SMA) seconded by 1.1475 (21-day SMA) and finally 1.1550 (high Oct.22). On the other hand, a break below 1.1334 (low Oct.26) would target 1.1316 (200-week SMA) en route to 1.1299 (2018 low Aug.15).
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