EUR/USD remains bid near 1.1820 amidst dollar-selling

EUR/USD fades the earlier spike to the 1.1830 region.
EMU’s Industrial Production surprised to the upside in July.
US Industrial Production expanded 0.4% MoM in August.

Pablo Piovano FXStreet

The buying bias remains unchanged around the European currency, with EUR/USD posting decent gains around 1.1820.

EUR/USD up on dollar’s correction

EUR/USD trades on a positive note although it came under some initial selling pressure at daily highs in the 1.1830 region, where converges the 10-day SMA.

The upside bias in the pair remains so far sustained by the selling pressure hurting the dollar in spite of the rebound in yields of the US 10-year note to the vicinity of the 1.30% hurdle.

In the data sphere, Industrial Production in the broader Euroland expanded 1.7% MoM in July and 7.7% YoY.

Across the pond, MBA Mortgage Applications rose at a weekly 0.3%. In addition, Export Prices rose 0.4% MoM in August and Import Prices contracted 0.3% MoM. Further results saw the NY Empire State Index improving sharply to 34.3 in September, Industrial Production expanding 0.4% MoM during last month and Manufacturing Production rising 0.2% MoM. Finally, Capacity Utilization improved a tad to 76.4%, also in August.

EUR/USD levels to watch

So far, spot is gaining 0.14% at 1.1819 and faces the next up barrier at 1.1909 (monthly high Sep.3) followed by 1.1932 (100-day SMA) and finally 1.2000 (psychological level). On the other hand, a break below 1.1770 (weekly low Sep.13) would target 1.1704 (monthly low Mar.31) en route to 1.1663 (2021 low Aug.20).

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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