EUR/USD stays close to 1.1660, session peaks

The pair remains bid near the 1.1660 region, or daily tops.
The negative stance persists around the greenback in the 94.80 zone.
EMU’s flash CPI came in at 2.0% in June, matching estimates.

Pablo Piovano FXStreet

The positive stance surrounding the European currency remains well and sound at the end of the week, with EUR/USD navigating the upper end of the weekly range in the 1.1660/50 band.

EUR/USD now looks to US data

The pair is extending the bounce off yesterday’s lows in the 1.1530/25 band following a doji candle and another unsuccessful attempt to break below the critical support at 1.1500 the figure.

Positive headlines from the EU Summit late on Thursday noted members managed to clinch a deal on the delicate migration issue, alleviating concerns among investors over a potential crisis in Euroland. In this regard, Italy’s M.Salvini said earlier in the day that he still wants to see ‘concrete commitments’.

In the data space, EMU’s advanced inflation figures tracked by the CPI now sees headline consumer prices rising at an annualized 2.0% during June, while prices stripping food and energy costs are expected to advance 1.0% over the last twelve months.

Across the pond, Personal Income/Spending, inflation figures gauged by the PCE, the Chicago PMI and the final print of the U-Mich index are all expected later in the NA session.

EUR/USD levels to watch

At the moment, the pair is gaining 0.67% at 1.1647 facing the next hurdle at 1.1666 (high Jun.29) seconded by 1.1671 (21-day sma) and finally 1.1720 (high Jun.26). On the other hand, a break below 1.1530 (low Jun.19) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).

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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