EUR/USD keeps tops in the 1.0920 region

Pablo Piovano FXStreet

The single currency stays in the upper end of the weekly range vs. the buck, with EUR/USD hovering over the 1.0920 region for the time being.

EUR/USD firm on USD-weakness

The selling pressure around the greenback stays far from abated during the first half of the week, with the US Dollar Index still unable to break above the critical 99.00 barrier on a more sustainable fashion.

With the ECB meeting already in the rear-view mirror, market participants will now shift their attention to tomorrow’s FOMC meeting, where the Committee is expected to deliver a dovish message. However, the debate around the timing of the reduction of the Fed’s balance sheet could lend fresh oxygen to the buck, putting the pair’s rally to the test.

Data wise in Euroland, final PMI prints for the month of April passed unnoticed among traders, while further data showed the unemployment rate in the euro bloc ticking higher to 9.5% during March, missing consensus.

EUR/USD levels to watch

At the moment, the pair is gaining 0.19% at 1.0919 and a break above 1.0926 (high May 2) would target 1.0949 (high Apr.28) en route to 1.0951 (2017 high Apr.25/26). On the flip side, the immediate support is located at 1.0850 (low Apr.27) seconded by 1.0835 (200-day sma) and finally 1.0805 (23.6% Fibo of the April rally).

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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