EUR/USD regains 1.1600 on USD-selling, Draghi eyed
|- The pair turns positive above the 1.16 handle on Monday.
- The greenback loses the grip and drops to 94.80.
- President M.Draghi will speak at the ECB Forum in Sintra later in the day.
After bottoming out around 1.1570 in early trade, EUR/USD managed to grab some attention and is now advancing to session highs beyond 1.1600 the figure.
EUR/USD now looks to Sintra
The pair has now reverted the initial negative momentum and managed to attract some buying interest following a brief test of lows in the 1.1570/60 band.
The squeeze higher in spot is following a retreat in the greenback from session peaks beyond the critical 95.00 handle when tracked by the US Dollar Index (DXY) to the 94.85/80 band.
EUR will remain in centre stage ahead in the day as market participants will closely follow the speech by President Draghi at the ECB Forum in Sintra (Portugal), although consensus expect a tone in line with the recent press conference in the wake of the ECB meeting last Thursday.
Across the pond, the NAHB index will be the sole release. Further out, Atlanta Fed R.Bostic (voter, centrist) and New York Fed W.Dudley (permanent voter, centrist) are also due to speak.
EUR/USD levels to watch
At the moment, the pair is losing 0.10% at 1.1597 and a breakdown of 1.1543 (low Jun.15) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017). On the flip side, the next hurdle aligns at 1.1617 (low Jun.1) seconded by 1.1698 (21-day sma) and finally 1.1714 (10-day sma).
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