EUR/USD refreshes daily tops near 1.1720, German CPI – Up next
|EUR/USD caught a fresh bid tone last minutes, with the bulls taking the rate back above Aug 2015 tops in a bid to print fresh daily top at 1.1717.
EUR/USD awaits fresh impetus from the US growth numbers.
The main currency pair keeps its range above 1.17 handle, as the US dollar remains under pressure against its main peers. The greenback came under renewed selling pressure after the rejection of the latest amendment to Obamacare repeal bill by the Senate added to the lingering concerns over the US President Trump’s ability to deliver on the fiscal reforms.
Also, the major derives support from upbeat Eurozone economic confidence data and negative European equities, which help keep the demand for the Euro broadly underpinned. European Monetary Union Economic Sentiment Indicator registered at 111.2 above expectations (110.8) in July
Looking ahead, the EUR/USD pair awaits the release of the German CPI data for fresh impetus on the Euro, while the main risk event for today remains the US Q2 GDP data, which will add to the signs of strengthening US economic recovery and hence, back the case for a Dec Fed rate hike.
EUR/USD Technical Set-up
According to Valeria Bednarik, Chief Analyst at FXStreet noted: “The current 1.1710 region has prove strong in the past, which means that an upward acceleration from current levels should lead to a retest of the yearly high of 1.1776, en route to 1.1800. A weekly close beyond this last, will lift next week's bullish target to 1.2000. Supports today come at 1.1650, and 1.1620 with breaks below this last being quite unlikely.”
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.