EUR/USD moves higher to 1.1690, eyes on Draghi

The pair clinches tops around 1.1690 on risk-on sentiment.
The greenback remains subdued in the mid-94.00s.
ECB’s Mario Draghi due to speak in Berlin.

Pablo Piovano FXStreet

EUR/USD is now posting decent gains, eroding yesterday’s small pullback although a breakout of the 1.1700 handle till remains elusive.

EUR/USD looks to Draghi, trade

Spot is looking to consolidate in the upper end of the weekly range, although is still unable to break above the critical 1.1700 handle on a convincing fashion.

The lack of traction and some exhaustion around the US-China trade developments has been weighing on the buck in past sessions despite the pick up in yields of the key US 10-year note beyond the psychological 3.00% handle.

Later in the session, President Draghi is due to speak in Berlin at an event entitled ‘Making Europe’s Economic Union work’. Across the pond, Building Permits, Housing Starts and Q2’s Current Account figures are due ahead of the EIA’s report.

EUR/USD levels to watch

At the moment, the pair is up 0.09% at 1.1675 and a breakout of 1.1724 (high Sep.14) would open the door to 1.1745 (high Jul.31) and finally 1.1792 (high Jul.9). On the other hand, the next support lines up at 1.1634 (21-day SMA) followed by 1.1526 (low Sep.10) and then 1.1508 (low May 29).

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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