EUR/USD pushes higher to 1.2320 on ECB headlines

The pair climbs to fresh tops in the 1.2325/30 band.
ECB, Brexit upbeat headlines collaborating with the up move.
USD losing ground and challenges the 90.00 support.

Pablo Piovano FXStreet

EUR/USD is now gathering extra traction following headlines from the ECB and EU/Brexit front, testing the upper end of the daily range near 1.2330.

EUR/USD up on auspicious headlines

EUR is now trading on a positive note after news agency Reuters said ECB members seem to agree that the current ‘quantitative easing’ should end this year. In addition, policymakers seem to be ‘broadly comfortable’ with markets estimating the first rate hike by the ECB in Q2 2019.

Further news around EUR shows EU’s Barnier said there is an agreement on a large part of the ‘withdrawal deal’, although he noted that further progress on Ireland is still needed. In the same line, UK’s Davis stressed the urgency to clinch a deal on trade.

EUR/USD levels to watch

At the moment, the pair is up 0.17% at 1.2311 and a break above 1.2339 (10-day sma) would target 1.2414 (high Mar.14) en route to 1.2446 (high Mar.8). On the flip side, the next support emerges at 1.2206 (low Feb.9) seconded by 1.2165 (low Jan.18) and finally 1.2153 (low Mar.1).

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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