EUR/USD inching higher to 1.0730, daily highs

Pablo Piovano FXStreet

The buying interest stays firm around the European currency during the second half of the week, with EUR/USD now testing session highs near 1.0730.

EUR/USD focus on US data

The pair has reverted yesterday’s retracement and is now challenging weekly highs around 1.0730, always bolstered by the continuation of the selling mood around the US Dollar.

In fact, the demand for the greenback stays subdued following comments by President D.Trump and tepid results from the US calendar. In addition, the lack of traction in US yields keep plotting against any serious attempt of recovery from the buck.

Closer to home, markets keep watching closely the headlines from the upcoming French elections (Sunday), where all four candidates are sharing almost the same vote intentions. Focus, of course, will stay on Le Pen’s performance, which should be key for EUR’s price action in the near term

Today’s empty calendar in the euro area should leave the attention to the releases across the pond: Initial Claims and the Philly Fed Manufacturing Index for the month of April.

EUR/USD levels to watch

At the moment the pair is gaining 0.14% at 1.0726 facing the next hurdle at 1.0737 (high Apr.18) followed by 1.0841 (200-day sma) and finally 1.0905 (high Mar.27). On the flip side, a breach of 1.0686 (20-day sma) would target 1.0659 (55-day sma) en route to 1.0635 (low Apr.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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