EUR/USD pushes higher above 1.1700, session tops

The pair remains bid and surpasses the 1.1700 handle.
The greenback has started the week on the back foot, returns to 94.60.
US Retail Sales, Empire State index next of relevance later today.

Pablo Piovano FXStreet

The single currency is posting decent gains vs. the greenback at the beginning of the week and is now prompting EUR/USD to trespass the key 1.1700 handle, printing at the same time fresh daily highs.

EUR/USD looks to US data

Sceptical Chinese data during early trade plus the holiday in Tokyo seems to have lent some oxygen to the risk-off sentiment at the beginning of the week and is currently sustaining the up move in the pair to the area above 1.1700 the figure against the backdrop of some selling pressure surrounding the buck.

In fact, the greenback is prolonging its correction lower from last week’s tops in the 95.20 region and is now threatening to re-visit the mid-94.00s, all amidst a drop in yields of the key US 10-year note to sub-.283% levels, where they appear to have found some bottom.

In the data space, US Retail Sales for the month of June and July’s manufacturing gauge from the Empire State index will be the salient events ahead of Chief Powell’s Semi-annual testimony before Congress on Tuesday and Wednesday.

EUR/USD levels to watch

At the moment, the pair is gaining 0.15% at 1.1703 and a break above 1.1718 (monthly low Dec.12 2017) would target 1.1735 (55-day sma) en route to 1.1792 (high Jul.9). On the other hand, the immediate support aligns at 1.1657 (21-day sma) seconded by 1.1615 (low Jul.13) and finally 1.1527 (low Jun.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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