EUR/USD refreshes highs near 1.1720 post-Eurozone Sentix

Resumes corrective rally above 1.1700, as post-NFP US dollar rally falters.
Downbeat Eurozone June Sentix investor confidence already priced-in?
Eyes on the US factory data, as EUR/USD looks to test Thursday’s high at 1.1726.

Dhwani Mehta FXStreet

The EUR/USD is seen extending its corrective rally back above the 1.17 handle, as the EUR bulls remain unfazed by a dip in Eurozone Sentix investor confidence amid persisting broad-based US dollar weakness.

EUR/USD: Eyes on 20-DMA at 1.1753.

The spot caught a fresh bid-wave and went onto hit daily highs at 1.1718, immediately after the Eurozone June Sentix investor confidence release, as markets appeared to have already priced-in a bearish outcome, in the wake of the recent Italian political uncertainty. Eurozone June Sentix investor confidence came in at 9.3 vs 18.5 expected.

The ongoing upsurge in the major is mainly driven by relentless selling in the US dollar across the board, triggered by a massive rally in the Aussie on hopes of a solid Q1 GDP report, following upbeat Australian retail sales and company operating profits data.

Meanwhile, easing tensions surrounding the Italian and Spanish political climate also collaborates to the upside in the common currency. Attention now turns towards the US factory orders data for near-term trading impetus.

EUR/USD Technical Levels

According to Slobodan Drvenica, Information & Analysis Manager at Windsor Brokers, “the pair is still holding within the range of past two days (1.1724/1.1616) and firm break above the range top is needed to confirm bullish signal on eventual close above 10SMA (the action of past two days failed to close above 10SMA despite repeated breaks higher). Lift above congestion top would open next pivot at 1.1760 (falling 20SMA) break of which would generate stronger reversal signal. Strengthening momentum supports the notion, with a bullish bias to remain in play above north-turning 5SMA (1.1646) which contained dips in past two days and marks pivotal support. Res: 1.1724; 1.1760; 1.1810; 1.1857. Sup: 1.1672; 1.1646; 1.1617; 1.1591.”

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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