EUR/USD pushes higher near 1.1760

  • Weaker USD sends spot to multi-week tops.
  • The pair gained a cent since lows around 1.1660.
  • US data came in stronger.

The demand for the single currency is intensifying on Tuesday, now lifting EUR/USD to the 1.1760/70 band, or multi-week peaks.

EUR/USD broke above 1.1660

The buying interest around EUR accelerated today after spot broke above the key 1.1660/70 band, neckline of the H&S pattern that was broken post-ECB meeting in late October. It is worth mentioning that this area has been limiting the upside since late last month.

The pair has gained around a cent since daily lows in the vicinity of 1.1660, always on the back of a renewed and strong selling bias surrounding the greenback. The up move in the pair has also found support in the better tone around German bund yields, where the 10-year reference climbed above 0.43% earlier in the day, recording at the same time fresh 3-week tops.

In the data space, German flash Q3 GDP figures and EMU’s economic sentiment for the current month have also lent oxygen to the pair’s upside. Across the pond, higher-than-expected US producer prices failed to help the buck recovering some ground.

EUR/USD levels to watch

At the moment, the pair is up 0.74% at 1.1753 and a breakout of 1.1797 (55-day sma) would target 1.1837 (high Oct.26) en route to 1.1860 (low Oct.19). On the flip side, the next support emerges at 1.1689 (21-day sma) seconded by 1.1640 (10-day sma) and finally 1.1554 (low Nov.7).

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