EUR/USD refreshes daily tops near 1.1720, German CPI – Up next

Dhwani Mehta FXStreet

EUR/USD caught a fresh bid tone last minutes, with the bulls taking the rate back above Aug 2015 tops in a bid to print fresh daily top at 1.1717.

EUR/USD awaits fresh impetus from the US growth numbers.

The main currency pair keeps its range above 1.17 handle, as the US dollar remains under pressure against its main peers. The greenback came under renewed selling pressure after the rejection of the latest amendment to Obamacare repeal bill by the Senate added to the lingering concerns over the US President Trump’s ability to deliver on the fiscal reforms.

Also, the major derives support from upbeat Eurozone economic confidence data and negative European equities, which help keep the demand for the Euro broadly underpinned. European Monetary Union Economic Sentiment Indicator registered at 111.2 above expectations (110.8) in July

Looking ahead, the EUR/USD pair awaits the release of the German CPI data for fresh impetus on the Euro, while the main risk event for today remains the US Q2 GDP data, which will add to the signs of strengthening US economic recovery and hence, back the case for a Dec Fed rate hike.

EUR/USD Technical Set-up

According to Valeria Bednarik, Chief Analyst at FXStreet noted: “The current 1.1710 region has prove strong in the past, which means that an upward acceleration from current levels should lead to a retest of the yearly high of 1.1776, en route to 1.1800. A weekly close beyond this last, will lift next week's bullish target to 1.2000. Supports today come at 1.1650, and 1.1620 with breaks below this last being quite unlikely.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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