EUR/USD turns positive near 1.1220, session tops

Pablo Piovano FXStreet

A bout of selling pressure around the greenback is helping EUR/USD to retake not only the positive ground but also record fresh daily highs around 1.1220.

EUR/USD attention on US docket

In terms of the US Dollar Index, the buck has retreated to the 97.00 neighbourhood early in the European session, fading the initial optimism and allowing the current bounce in the risk-associated space.

In the meantime, risk appetite trends and USD-dynamics should remain the exclusive drivers for the pair’s price action amidst an empty docket in Euroland and ahead of key releases across the pond.

That said, the bulk of the attention should shift to the second revision of US Q1 GDP, seconded by April’s durable goods orders and the final print of the Reuters/Michigan index for the month of May.

EUR/USD levels to watch

At the moment, the pair is gaining 0.06% at 1.1217 and a breakout of 1.1250 (high May 25) would open the door to 1.1267 (2017 high May 23) and then 1.1300 (high Nov.9 2016). On the flip side, the immediate support aligns at 1.1167 (low May 24) seconded by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1036 (20-day sma).

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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