EUR/USD off session highs, back to 1.1640 ahead of EMU CPI

The pair advances a big figure on EU deal on migration.
The greenback drops to fresh lows in the 94.85/80 band.
Inflation figures in the euro area coming up next.

Pablo Piovano FXStreet

Positive news from the EU Summit gave extra steam to the single currency and boosted EUR/USD around a big figure to the mid-1.1600s, or session tops.

EUR/USD now looks to EMU data

Spot moved sharply higher on Friday following news that the EU reached a deal on migration, quickly regaining the 1.1600 handle and above although finding resistance in the 1.1650/60 band for the time being.

The news of a deal on the migration issue removes some pressure from Chancellor Merkel and sends a strong signal of finally some agreement in Euroland, all rendering in a robust bounce of the pair off lows in the 1.1560 area.

In the data space, German Retail Sales contracted more than expected 2.1% MoM during May, while unemployment figures will be published later. In addition, advanced inflation figures in the euro bloc are also due later.

Across the pond, Personal Income/Spending, inflation tracked by the PCE, the Chicago PMI and the final gauge of US Consumer Sentiment are all due next.

EUR/USD levels to watch

At the moment, the pair is gaining 0.61% at 1.1639 facing the next hurdle at 1.1666 (high Jun.29) seconded by 1.1671 (21-day sma) and finally 1.1720 (high Jun.26). On the other hand, a break below 1.1530 (low Jun.19) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).

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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