EUR/USD flirting with daily highs near 1.0730, PMIs eyed

Pablo Piovano FXStreet

The now better tone around the single currency is pushing EUR/USD to the area of session highs near 1.0730.

EUR/USD focus on data

The pair has faded yesterday’s spike to the 1.0780 region, coming down to probe the vicinity of 1.0700 the figure early in the Asian session just to gather some traction since then.

Advanced figures from Manufacturing PMIs in the euro region will be the salient releases during the European morning, although USD-dynamics stay as the almost exclusive driver for the price action.

Solid performance of German yields as of late has lent extra support to the pair’s up move, while the renewed offered bias around the buck has also collaborated.

Recent comments by US Treasury Secretary S.Mnuchin lifted the sentiment around the Dollar, stressing that the Trump administration should unveil further details on its plans for the tax reform anytime soon.

EUR/USD levels to watch

At the moment, the pair is gaining 0.07% at 1.0724 facing the next hurdle at 1.0780 (high Apr.20) followed by 1.0839 (200-day sma) and finally 1.0905 (high Mar.27). On the flip side, a breach of 1.0698 (low Apr.19) would target 1.0682 (20-day sma) en route to 1.0658 (55-day sma).

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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