EUR/USD refreshes 2017 tops near 1.1540, ignores ZEW

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.  

German ZEW economic sentiment deteriorates further in 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.” 

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