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EUR/USD flirts with 1.1600 ahead of Jackson Hole

The pair moves higher and tests daily highs in the 1.1600 area.
The greenback extends the drop to session lows in the 95.35/30 band.
Powell’s speech at Jackson Hole and Durable Goods Orders next on tap.

Pablo Piovano FXStreet

The greenback has resumed its downside and is now lifting EUR/USD to fresh daily peaks in the boudnaries of 1.1600 the figure.

EUR/USD looks to data, Powell

The pair regained the upside mood after Thursday’s retracement and is now hovering over the critical 1.1600 milestone ahead of US data releases and the speech by Chief J.Powell at the Jackson Hole Symposium.

Spot has embarked in a wave of extra gains on the back of the continuation of the selling bias around the greenback, which has been intensifying after the PBoC announced it will resume the use of the ‘countercyclical factor’, lending oxygen to the Chinese Yuan.

Looking ahead, market participants will closely follow the speech by Fed’s J.Powell, particularly after recent comments by President Trump regarding the Fed’s policy of raising rates.

EUR/USD levels to watch

At the moment, the pair is gaining 0.42% at 1.1588 facing the next hurdle at 1.1623 (high Aug.22) seconded by 1.1629 (high Aug.8) and finally 1.1745 (high Jul.31). On the other hand, a break below 1.1535 (21-day SMA) would target 1.1468 (10-day SMA) en route to 1.1299 (2018 low Aug.15).

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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