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.

Pablo Piovano FXStreet

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).

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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