EUR/USD firmer near 1.2400 ahead of ZEW

  • The pair extends the week up move to the vicinity of 1.2400 the figure.
  • USD remains on the defensive, challenges 89.00 tracked by DXY.
  • German ZEW survey, Fedspeak next on tap for the pair.

The single currency is looking to extend the up move during the first time of the week and is now taking EUR/USD to the 1.2380/85 band ahead of the opening bell in the Old Continent.

EUR/USD looks to data, Fedspeak

Spot had a promising start of the week so far, advancing to the boundaries of the key barrier at 1.2400 the figure amidst a renewed and strong selling bias hitting the buck.

In fact, sellers have pushed the US Dollar Index (DXY) to the proximity of the 89.00 support, testing at the same time the area of 5-days lows and always with the US-China trade conflict and geopolitical concerns in the Middle East as main drivers of the markets sentiment.

In the data space, the German ZEW survey for the month of April is due next seconded by US Building Permits, Housing Starts, Industrial and Manufacturing Production.

In addition, San Francisco Fed John Williams, R.Quarles, Philadelphia Fed P.Harker and Chicago Fed C.Evans are all due to speak throughout the session.

EUR/USD levels to watch

At the moment, the pair is gaining 0.05% at 1.2386 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).

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