EUR/USD moves closer to 1.2500, fresh peaks

  • USD weaker across the board.
  • Spot regains 1.2400 and above.
  • US data in the limelight.

The broad-based selling pressure around the greenback is now pushing EUR/USD to the area of fresh tops in the 1.2470/80 band.

EUR/USD looks to ECB-speak, US docket

The pair is clinging to its daily gains during the second half of the week and at the same time it is consolidating the weekly upside well above the critical 1.2400 the figure.

Generalized USD-weakness in spite of higher-than-expected US inflation figures in January is helping spot to clinch its fourth consecutive daily advance and move further north of the 1.2400 handle.

Looking ahead, ECB’s Y.Mersch, S.Lautenschlaeger and P.Praet are due to speak later, while regional manufacturing gauges by the Philly Fed index and the Empire State index plus initial claims and producer prices are all due across the pond.

EUR/USD levels to watch

At the moment, the pair is up 0.18% at 1.2473 and a breakout of 1.2524 (high Feb.1) would target 1.2537 (2018 high Jan.25) en route to 1.2598 (61.8% Fibo of the 2014-2017 drop). On the flip side, the immediate support emerges at 1.2354 (21-day sma) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.