EUR/USD off highs, still above 1.1200

Pablo Piovano FXStreet

The upbeat momentum around the single currency is well and sound in the European evening, with EUR/USD still managing to stay above 1.1200 the figure.

EUR/USD bid after data, looks to US Senate

Spot gathered extra steam following the now softer performance of the greenback in response to the lacklustre results from today’s US docket, where the Chicago Fed national activity index and May’s durable goods orders came in short of expectations.

Poor US data have hurt yields in the US money markets and thus lent extra oxygen to the pair, which advanced from as low as the 1.1170 region to fresh daily highs around 1.1220. in fact, the 10-year benchmark sunk to 2.125% in the wake of the release, coming down from tops above 2.16%.

Later in the session, ECB’s M.Draghi is due to speak at the ECB Forum in Portugal. Back to the US, Republicans are expected to issue a revised healthcare bill draft later today.

EUR/USD levels to watch

At the moment, the pair is gaining 0.10% at 1.1206 facing the next hurdle at 1.1220 (high Jun.26) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9). On the other hand, a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).

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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