EUR/USD pushes higher to 1.1850, fresh tops

Spot moves to new 6-day peaks.
Advanced PMIs lent extra support to EUR.
Thin trade conditions prevail on US holiday.

Pablo Piovano FXStreet

The buying interest around the European currency stays everything but abated in the second half of the week, with EUR/USD now testing fresh multi-day tops in the mid-1.1800s.

EUR/USD now targets 1.1860

The pair is prolonging its weekly upside to the area of 1.1850 on Thursday, always with the persistent weakness around the greenback as the main driver behind the pair’s price action.

Adding to the up move, advanced PMIs in core Euroland published earlier in the session have surprised to the upside and gave further oxygen to the shared currency.

Softer performance from US yields throughout the week has also helped spot to sustain the upside. In fact, yields of the key US 10-year benchmark closed near the 2.32% neighbourhood on Wednesday, recording at the same time fresh multi-day lows.

In the same direction, German political concerns seem to have eased in past hours, also collaborating with the upbeat sentiment in EUR.

EUR/USD levels to watch

At the moment, the pair is gaining 0.21% at 1.1846 and a breakout of 1.1860 (high Nov.15) would aim for 1.1882 (high Oct.12) and then 1.2033 (high Sep.20). On the flip side, the immediate support lines up at 1.1781 (55-day sma) seconded by 1.1760 (10-day sma) and finally 1.1713 (low Nov.21).

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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