EUR/USD extends rally to fresh 12-day high above 1.1450

Broad-based USD weakness helps pair climb higher.
Italy - German bond yield gap widens to keep euro's gains limited.

Eren Sengezer FXStreet

The EUR/USD pair gained traction in the NA session and advanced to its highest level since November 7 at 1.1464 as the broad-based USD weakness provided a boost to the pair. As of writing, the pair was trading at 1.1450, adding 0.3% on a daily basis.

Although the US economic docket didn't feature any macroeconomic data releases that could potentially move the market, the greenback came under pressure amid falling T-bond yields. After failing to break above the 3.01% mark today, the 10-year yield turned negative on the day to drag the US Dollar ındex lower. At the moment, the DXY, which fell to a daily low of 96.21, is down 0.2% on the day at 96.22.

Earlier today, the data published by the European Central Bank showed that the current account surplus (seasonally adjusted) fell to €17 billion in September from €24.3 billion recorded in August.

Meanwhile, Italian Economy Minister Tria told reporters that the bond yield spread had no influence on the intention of the deficit target added that Italy's plan would not change. Following these comments, the gap between 10-year Italian and German bond yield rose to its highest level in more than three weeks at 320 bps to make it difficult for the shared currency to preserve its strength.

Technical levels to consider

The initial resistance for the pair aligns at 1.1500 (psychological level) ahead of 1.1535 (100-DMA) and 1.1620 (Oct. 16 high). On the downside, supports are located at 1.1370 (20-DMA), 1.1300 (psychological level/Oct. 31 low) and 1.1215 (Nov. 12 low).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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