EUR/USD flirting with session highs post-US data

Pablo Piovano FXStreet

The upbeat tone around EUR/USD stays unchanged following today’s releases in the US docket, currently challenging daily highs near 1.1920.

EUR/USD supported near 1.1860

The pair has advanced around 50 pips so far today after bottoming out in the 1.1860 area following the FOMC meeting on Wednesday.

However, the ‘buy-the-dips’ stance seems to still prevail among traders, while spot appears to need a stronger catalyst for a deeper pullback and should likely come from the ECB rather than the Fed.

The pair remains within the range after initial claims bettered expectations at 259K WoW, taking the 4-week average to 268.75K from 262.75K. In addition, the Philly Fed manufacturing index surprised to the upside at 23.8 for the current month, ticking higher from August’s 18.9.

Later in the session, ECB’s Mario Draghi is expected to speak ahead of the consumer confidence tracked by the European Commission.

EUR/USD levels to watch

At the moment, the pair is gaining 0.14% at 1.1911 facing the initial resistance at 1.1928 (21-day sma) followed by 1.1941 (10-day sma) and finally 1.2024 (high Sep.20). On the other hand, a breakdown of 1.1862 (low Sep.20) would target 1.1837 (low Sep.14) en route to 1.1773 (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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