Having dipped to 1.1510 levels in early trades, the EUR/USD pair regained momentum and now prints fresh fourteen-month tops at 1.1542 amid renewed USD selling.
EUR/USD ignores downbeat German ZEW suveys
The spot extend the break higher above 1.15 handle, with the bulls little affected by negative German ZEW surveys, which showed further deterioration across all indicators for July.
Meanwhile, the US dollar remains heavily offered and meanders near ten-month troughs against its major rivals, which keeps the bullish momentum intact around the EUR/USD pair.
More so, the Euro also benefits from renewed cross-driven strength, after the EUR/GBP cross rallied hard to test 0.8850 levels on the release of downbeat UK CPI data, which weighed heavily on Cable.
Next of note for the major remains the US import prices data and NAHB housing market index due on the cards later in the NA session, while the main risk event for the week remains the ECB policy decision due out on Thursday.
EUR/USD Technical Set-up
According to Slobodan Drvenica at Windsor Brokers Ltd, “The pair is focusing on ECB's policy meeting on Thursday, with more hawkish tone from the central bank expected to further boost the single currency. Former congestion tops at 1.1490 zone now act as immediate supports, followed by rising Tenkan-sen/10 SMA at 1.1433 which should contain extended corrective dips and guard strong support at 1.1370 (13 July trough). Res: 1.1565; 1.1614; 1.1643; 1.1716 Sup: 1.1490; 1.1433; 1.1400; 1.1370.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.