EUR/USD stays bid around 1.1840, US CPI eyed

Spot quickly surpassed late-October tops around 1.1830.
Offered USD stays behind the up move.
Attention is on US CPI, tax reform vote (Thursday).

Pablo Piovano FXStreet

The selling bias around the greenback continues to give oxygen to the upside momentum in EUR/USD, which is now stabilizing in the mid-1.1800s.

EUR/USD focused on US data

The pair has quickly left behind the 1.1830 area today, which was an interim resistance and represents the highest level recorded on October 27, when the ECB held its latest meeting. Furthermore, spot convincingly broke above the 1.1660/70 region on Tuesday, the ‘neckline’ of the H&S pattern seen in August-October.

The increasing weakness around the greenback stays by large the exclusive driver behind the pair’s correction higher, as the rising uncertainty surrounding the US tax reform plan forced the US Dollar Index (DXY) to breach the critical 94.00 support.

The up move in the pair has also been in tandem with declining yields of the key US-10 year reference, which shed around 8 bps since yesterday’s weekly peaks above the 2.41% level.

Looking ahead, the buck should stay under the microscope in light of the publication of October’s US CPI figures and retail sales, all preceding November’s NY Empire State index.

EUR/USD levels to watch

At the moment, the pair is up 0.36% at 1.1839 and a breakout of 1.1852 (high Nov.15) would open the door to 1.1860 (high Oct.20) and then 1.1882 (high Oct.12). On the flip side, the next support emerges at 1.1738 (100-day sma) seconded by 1.1693 (21-day sma) and finally 1.1663 (10-day sma). In addition, FXStreet’s Technical Confluences Indicator (TCI) is noting an important support zone in the 1.1760 area, where sit a pivot point and a monthly Fibo retracement.

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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