EUR/USD placed at session tops, around 1.0725 level
|Having defended the 1.0700 handle in the previous session, the EUR/USD pair regained traction on Thursday and has now climbed to session tops near 1.0725-30 band.
A subdued greenback price-action seems to be the only factor driving the pair higher. The key US Dollar Index struggled to build on overnight recovery gains amid ongoing geopolitical tensions around the world, which is also supporting the Euro's funding currency status and helped the pair to recover majority of previous session's corrective slide from 3-week tops.
Further up-move, however, could be limited as investors might refrain from carrying big bets heading into the big event risk, the crucial French Presidential election on Sunday.
• Harris Poll on French Election: R1 Macron 25% (+1), Le Pen 22% (unchanged)
On the economic data front, German PPI print would be released during European session, while from the US - weekly jobless claims, Philly Fed Manufacturing Index would be looked upon for some short-term trading impetus. Later during the NY session, the US treasury secretary Steven Mnuchin is due to speak and would also influence the pair.
Having defended the 1.0700 handle in the previous session, the EUR/USD pair regained traction on Thursday and has now climbed to session tops near 1.0725-30 band.
A subdued greenback price-action seems to be the only factor driving the pair higher. The key US Dollar Index struggled to build on overnight recovery gains amid ongoing geopolitical tensions around the world, which is also supporting the Euro's funding currency status and helped the pair to recover majority of previous session's corrective slide from 3-week tops.
Further up-move, however, could be limited as investors might refrain from carrying big bets heading into the big event risk, the crucial French Presidential election on Sunday.
On the economic data front, German PPI print would be released during European session, while from the US - weekly jobless claims, Philly Fed Manufacturing Index would be looked upon for some short-term trading impetus. Later during the NY session, the US treasury secretary Steven Mnuchin is due to speak and would also influence the pair.
Technical levels to watch
A follow through buying interest above 1.0735 region now seems to pave way for continuation of the pair's steady up-move further towards 1.0775-80 resistance ahead of the 1.0800 handle. On the flip side, any immediate retracement might continue to find some buying interest around 1.0710-1.0700 region, which if broken could accelerate the slide towards 1.0675-70 horizontal support en-route 100-day SMA support near 1.0630 region.
A follow through buying interest above 1.0735 region now seems to pave way for continuation of the pair's steady up-move further towards 1.0775-80 resistance ahead of the 1.0800 handle. On the flip side, any immediate retracement might continue to find some buying interest around 1.0710-1.0700 region, which if broken could accelerate the slide towards 1.0675-70 horizontal support en-route 100-day SMA support near 1.0630 region.
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