EUR/USD testing highs near 1.1220 post-German data

The pair keeps the bid tone intact above 1.1200.
US-China trade talks continue to drive sentiment.
German Factory Orders expanded 0.6% MoM in March.

Pablo Piovano FXStreet

The upbeat mood around the European currency stays unchanged so far this week and is now propping the move higher in EUR/USD to the 1.1220 region, or weekly highs.

EUR/USD looks to trade, data

The pair is up for the third consecutive session on Tuesday, backed by hopes of an eventual trade agreement between US and China despite the recent escalation in tensions following President Trump’s threats of imposing extra tariffs.

Global markets, and the risk-associated universe in particular, managed well to leave behind the pessimism that emerged at the beginning of the week in response to Trump’s comments over the weekend, motivating spot to extend the bounce off Friday’s lows near 1.1130.

In the data space, German Factory Orders expanded less than expected at a monthly 0.6% during March. Later in the session and across the pond, the IBD/TIPP index, JOLTs Job Openings and speeches by Fed’s Kaplan and Quarles should keep the attention on the buck.

What to look for around EUR

Recent data in Euroland and Germany allowed market participants to believe that some healing process could be under way in the region amidst the ongoing slowdown. However, this scenario needs confirmation in the next months, while the current ‘neutral/dovish’ stance from the ECB is expected to persist for the reminder of the year and probable H1 2020. The broad-based risk-appetite trends and USD-dynamics are posed to rule the sentiment surrounding the European currency for the time being, all in combination with the onoging US-China trade dispute and potential US tariffs on EU products. On the political front, headwinds are expected to emerge in light of the upcoming EU parliamentary elections in late May, as the populist option in the form of the far-right and the far-left movements appears to keep swelling among voting countries.

EUR/USD levels to watch

At the moment, the pair is gaining 0.15% at 1.1215 and a break above 1.1264 (high May 1) would target 1.1269 (55-day SMA) en route to 1.1323 (high Apr.17). On the other direction, the next support lines up at 1.1135 (low May 3) seconded by 1.1109 (2019 low Apr.26) and finally 1.0839 (monthly low May 11 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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