EUR/USD firmer, closer to 1.1700 ahead of EMU CPI

The pair moves higher and approaches the 1.17 handle.
Further weakness around the greenback puts DXY near 94.00.
EMU’s advanced CPI next of relevance in Euroland today.

Pablo Piovano FXStreet

The continuation of the selling bias around the greenback is lifting EUR/USD to the area of session tops near 1.1700 the figure on Thursday.

EUR/USD looks to data, Italy

The pair is adding gains to yesterday’s positive session and is now extending the rebound from Tuesday’s fresh 11-month lows in the vicinity of the 1.1500 milestone to the proximity of 1.1700 the figure, always on the back of USD-weakness and somewhat mitigated jitters around the political scenario in Italy.

In fact, the greenback is challenging the key support at 94.00 the figure today, prolonging the leg lower after recording YTD tops beyond the 95.00 mark earlier in the session.

There are no new headlines coming from Italy other than potential alliances in the upcoming snap elections. The lack of significant news appears to have removed some tailwinds from the selling mood that hit the shared currency in past sessions.

Data wise in Euroland, EMU’s advanced CPI figures for the month of May will grab all the attention later in the session. Across the pond, inflation figures tracked by the PCE are due seconded by Personal Income/Spending, Pending Home Sales, Initial Claims and the speeches by FOMC’s R.Bostic and L.Brainard.

EUR/USD levels to watch

At the moment, the pair is up 0.20% at 1.1686 facing the next resistance at 1.1693 (10-day sma) seconded by 1.1718 (monthly low Dec.12 2017) and finally 1.1797 (21-day sma). On the flip side, a break below 1.1511 (2018 low May 29) would target 1.1479 (low Jul.20 2017) en route to1.1373 (low Jul.13 2017).

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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