EUR/USD moves to session tops above 1.1350

EUR/USD gains further traction and climbs to 1.1350/55.
The dollar loses the grip after the opening in Wall St. on Monday.
Risk-on sentiment remains firm at the beginning of the week.

Pablo Piovano FXStreet

The upbeat note in the risk complex is now putting the buck under further pressure and pushes EUR/USD to fresh tops in the vicinity of 1.1350.

EUR/USD bolstered by risk-on trade

EUR/USD is adding to Friday’s gains above 1.1300 the figure on Monday, opening the door at the same time for a potential test of last week’s peaks around 1.1370.

On the other hand, the greenback is extending the bearish note for yet another session, starting the fourth consecutive week with losses and well below the 97.00 yardstick.

Hopes of an end of the coronavirus pandemic keep sustaining the bid note in the risk universe, this time exacerbated after Pfizer Inc. and BioNTech SE received the Fast Track status from the Food and Drug Administration (FDA) for two COVID-19 vaccine candidates.

Nothing worth mentioning data wise in Europe, while the Monthly Budget Statement and the speech by FOMC’s J.Williams are only dye across the pond.

What to look for around EUR

EUR/USD as started the week on the positive side once again, always supported by the solid improvement in the risk-associated universe and targeting last week’s tops around 1.1370. The constructive view in the euro, in the meantime, stays well and sound and supported by the improvement of key fundamentals in the region amidst the current (and massive) monetary stimulus by central banks. On top, the solid performance of the region’s current account is also adding to the attractiveness of the shared currency.

EUR/USD levels to watch

At the moment, the pair is gaining 0.49% at 1.1352 and a breakout of 1.1370 (monthly high Jul.9) would target 1.1422 (monthly high Jun.10) en route to 1.1495 (2020 high Mar.9). On the other hand, immediate contention is located at 1.1168 (monthly low Jun.19) seconded by 1.1147 (high Mar.27) and finally 1.1049 (200-day SMA).

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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