EUR/USD flirting with daily highs above 1.1800

The pair regains some traction around the 1.18 handle.
The greenback appears somewhat offered on declining yields.
EMU’s Current Account, Trade Balance figures next on tap.

Pablo Piovano FXStreet

The single currency is looking to revert the negative tone this week and is now pushing EUR/USD back above the 1.18 handle.

EUR/USD attention to data, USD

After four consecutive daily pullbacks, the pair is now posting decent gains while at the same time retaking 1.1800 the figure amidst some weakness around the buck and declining US 10-year yields.

In fact, and tracked by the US Dollar Index (DXY), the greenback has retreated to the 93.45/40 band, tracking the retracement in yields of the US 10-year reference from recent multi-year tops beyond the 3.12% level.

Data wise in Euroland today, Current Account figures and Trade Balance results in the euro area are next of relevance. Earlier, German Producer Prices rose at an annualized 2.0% and 0.5% inter-month during April, both prints coming in above estimates.

Across the pond, FOMC’s L.Brainard and R.Kaplan are due to speak in an otherwise empty docket.

EUR/USD levels to watch

At the moment, the pair is gaining 0.15% at 1.1813 facing the next resistance at 1.1867 (10-day sma) seconded by 1.1996 (high May 14) and finally 1.2021 (200-day sma). On the downside, a breakdown of 1.1762 (2018 low May 16) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1553 (monthly low Nov. 7 2017).

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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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