EUR/USD off highs near 1.0640, US data eyed

Pablo Piovano FXStreet

The renewed offered tone around the greenback is now lifting EUR/USD to the area of daily highs near 1.0640.

EUR/USD firmer on USD-selling

Spot gained over a cent since yesterday’s lows in the 1.0520 region, as the Yellen—induced rally in the buck continued to unwind following the opening bell in Euroland on Thursday.

The pair has retreated to fresh multi-week lows near 1.0520 in response to a strong pick up in the demand for the US Dollar, which has been bolstered by the hawkish message by Chief J.Yellen at her testimony on Tuesday and positive results from US inflation figures and Retail Sales during the last month. In addition, the greenback found extra legs in supportive comments from FOMC governors, who in general subscribed to the idea of three (or more) rate hikes during 2017.

In the data space, recent poor readings from EMU’s advanced Q4 GDP and the ZEW Survey in both Germany and the euro area seem to have passed unnoticed by traders, who remain focused on USD-dynamics as the exclusive driver for the pair’s price action.

Today the ECB will publish its Accounts from the latest meeting, while Housing Starts, Building Permits and the Philly Fed manufacturing index are all due later in the US calendar.

EUR/USD levels to watch

At the moment the pair is gaining 0.27% at 1.0628 facing the next resistance at 1.0658 (high Feb.13) followed by 1.0698 (20-day sma) and finally 1.0706 (38.2% Fibo of the November-January drop). On the flip side, a break below 1.0520 (low Feb.15) would target 1.0452 (low Jan.11) en route to 1.0339 (2017 low Jan.3).

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.