EUR/USD clinches fresh tops near 1.2370, US data on sight

Further USD-weakness is propping up the bull run to 1.2370.
DXY threatens to re-visit recent lows in the 89.60/50 band.
US Retail Sales and Empire State index in the limelight later in the day.

Pablo Piovano FXStreet

A fresh wave of selling pressure around the greenback is now sustaining the up move in EUR/USD to fresh daily highs in the 1.2360/70 band.

EUR/USD looks to US data for direction

Following Friday’s doji candle, the pair is now gathering further upside traction and is testing the upper end of the daily range in the 1.2360/70 band, always on the back of a renewed wave of USD-selling.

Spot, however, remains entrenched within the broader 1.2155/1.2555 range that has been in play since late January and waiting at the same time for a strong-enough catalyst to break the consolidative theme in any direction.

On the positioning front, EUR speculative net longs climbed to the highest level since January 30 in the week ended on April 10, according to the latest CFTC report.

Looking ahead, US Retail Sales for the month of March are due along with the Empire State Index for the month of April, TIC Flows and the NAHB index.

Further out, attention will also be on speeches by Dallas Fed R.Kaplan (non voter, hawkish), Minneapolis Fed N.Kahkari (non voter, dovish) and Atlanta Fed R.Bostic (voter, centrist).

EUR/USD levels to watch

At the moment, the pair is gaining 0.24% at 1.2359 facing the immediate resistance at 1.2397 (high Apr.11) followed by 1.2478 (high Mar.27) and then 1.2538 (high Jan.25). On the downside, a breakdown of 1.2300 (low Apr.12) would target 1.2214 (low Apr.6) en route to 1.2153 (low Mar.1).

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.