EUR/USD ignores US data, stays close to 1.1840

Pablo Piovano FXStreet

The greenback remains in the negative territory so far today, now helping EUR/USD to climb further to the 1.1840/50 band, or session tops.

EUR/USD in 4-day peaks

Spot is advancing for the second session in a row today despite the auspicious releases in the US docket.

In fact, weekly initial claims rose 222K, bettering estimates, while the Philly Fed manufacturing gauge also surprised to the upside, coming in at 27.9 for the current month vs. 22.0 from prior surveys and September’s 23.8.

EUR gained extra buying interests following news that the Spanish government is expected to trigger article 155 on Saturday.

In addition, the now softer tone around US yields is also collaborating with the selling bias around the buck. In this regard, yields of the 10-year benchmark have retreated to the 2.30% neighbourhood, shedding around 5 bps since earlier weekly tops.

EUR/USD levels to watch

At the moment, the pair is up 0.34% at 1.1827 and a breakout of 1.1840 (55-day sma) would target 1.1882 (high Oct.12) en route to 1.1911 (high Aug.2). On the other hand the initial support emerges at 1.1730 (low Oct.18) seconded by 1.1686 (low Oct.6) and finally 1.1662 (low Aug.17).

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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