EUR/USD moves higher, 1.1800 appears closer

The pair moves to session tops in the 1.1780 region.
The greenback extends losses to the 93.80 region so far.
ECB’s Praet, Draghi next of relevance in the calendar.

Pablo Piovano FXStreet

The upbeat momentum remains well and sound around the shared currency at the beginning of the week, now lifting EUR/USD to test the area of multi-week tops in the 1.1780 region.

EUR/USD higher on USD-selling, looks to Draghi

Spot is advancing for the third consecutive session so far on Monday, prolonging the up move from the second half of last week as investors keep adjusting to the mixed results from the US monthly labour report published on Friday.

In addition, the selling pressure stays unabated around the greenback following June’s payrolls and increasing tensions on the US-China trade front, all sustaining the mild market sentiment towards the risk-off trade.

Data wise in Euroland today, German trade surplus came in at €20.3 billion in May, matching expectations. Later in the session, ECB’s P.Praet and President M.Draghi are due to speak along with the release of the Sentix index for the current month.

EUR/USD levels to watch

At the moment, the pair is gaining 0.20% at 1.1768 facing the next hurdle at 1.1778 (high Jul.9) seconded by 1.1853 (high Jun.15) and finally 1.1854 (38.2% Fibo of April-May drop). On the other hand, a break below 1.1718 (monthly low Dec.12 2017) would open the door to 1.1662 (10-day sma) and then 1530 (low Jun.19).

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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