EUR/USD advances to daily highs near 1.1140

Pablo Piovano FXStreet

The demand for the single currency seems to have gathered renewed impulse at the end of the week, now sending EUR/USD to the area of session tops near 1.1140.

EUR/USD firmer as risks appetite returns to markets

The pair is extending the bounce off Thursday’s lows in the 1.1070 region (coincident with the retracement of the November-January sell off), as the greenback seems to have resumed its weekly downside after yesterday’s moderate rebound.

In fact, the US Dollar Index (DXY) managed to attract some dip buyers earlier in the week, although the bullish attempt seems to have run out of steam at the doorsteps of the 98.00 handle.

Somewhat adding support to EUR, news cited Merkel’s Conservative Party keeps leading the vote intention in the run up to the German national elections in September.

Data wise in the region, Current Account figures for the month of March and Consumer Confidence gauged by the European Commission are due seconded by speeches by ECB’s Board members V.Constancio and P.Praet.

EUR/USD levels to watch

At the moment, the pair is gaining 0.29% at 1.1136 facing the next up barrier at 1.1172 (2017 high May 18) followed by 1.1200 (psychological handle ) and finally 1.1300 (high Nov.9 2016). On the flip side, a break below 1.1073 (76.4% Fibo of 1.1300-1.0339) would target 1.0954 (20-day sma) en route to 1.0825 (200-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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