EUR/USD clings to gains near 1.1160

Pablo Piovano FXStreet

The single currency keeps the positive bias so far on Tuesday, with EUR/USD coming up from overnight lows in the 1.1140 region.

EUR/USD attention to Fedspeak

The pair is recovering the smile following the negative start of the week, dropping to the vicinity of 1.1140 after the bullish run failed just above the 1.1200 barrier, where sits the 20-day sma.

On the USD-side, NY Fed W.Dudley said on Monday he sees the inflation picking up pace while today’s earlier comments by Chicago Fed C.Evans poured cold water on the upbeat sentiment around the buck, pointing to a more cautious tone and suggesting that a third rate hike should wait until December to assess incoming data.

Nothing scheduled data wise in Euroland today, whereas speeches by Boston Fed E.Rosengren (2019 voter, hawkish) and Dallas Fed R.Kaplan (voter, hawkish) should keep the attention on the greenback.

EUR/USD levels to watch

At the moment, the pair is up 0.06% at 1.1156 facing the next up barrier at 1.1209 (20-day sma) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9). On the other hand, a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).

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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