EUR/USD moves higher and approaches 1.1600 ahead of ECB, US CPI

The pair gathers further traction and tests 1.1580.
The greenback stays weak and drops below 95.20.
ECB minutes and US inflation figures next on tap.

Pablo Piovano FXStreet

EUR/USD keeps pushing higher on Wednesday and is now testing daily peaks in the 1.1580 area.

EUR/USD focused on ECB, US data

The pair is now extending the rebound from recent lows in the 1.1430 zone seen earlier in the week amidst a persistent selling mood hitting the buck.

The greenback continues to suffer the sour sentiment in the US stocks markets, as futures keep pointing to a weak start later today while yields of the key US 10-year note manage to rebound from recent lows.

Back and forth in the Brexit negotiations plus the absence of relevant headlines around the Italian polirtical arena seem to also be adding some support to the pair’s up move.

Looking ahead, spot should be under scrutiny, as investors will closely follow the release of the ECB minutes from the latest gathering, while the always critical CPI figures will be in the limelight across the pond.

EUR/USD levels to watch

At the moment, the pair is gaining 0.43% at 1.1571 and a break above 1.1576 (high Oct.11) would target 1.1592 (55-day SMA) en route to 1.1623 (21-day SMA). On the flip side, immediate contention emerges at 1.1432 (low Oct.9) seconded by 1.1326 (200-week SMA) and finally 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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