EUR/USD upside struggles near 1.1660

Spot picks up pace on USD weakness.
The pair ignores the upside in US yields.
Focus on US U-mich index.

Pablo Piovano FXStreet

The demand for the single currency remains well and sound at the end of the week and is now pushing EUR/USD to the critical resistance in the 1.1660/70 band.

EUR/USD tests the ‘neckline’

The increasing selling bias around the greenback is now fuelling the upside momentum around the pair, which tested the critical 1.1660/70 band. It is worth recalling that this area represents the ‘neckline’ of the H&S pattern from late July to late October, which was breached following the latest ECB meeting (October 27).

Spot is advancing in spite of the better tone in yields of the key US 10-year benchmark, which managed to test/surpass the 2.38% area earlier in the session, where are now trying to consolidate.

Still in Euroland, ECB’s board member E.Nowotny said earlier in the day that the central bank should end its bond-buying programme in September 2018 as long as economic conditions stay favourable.

Data wise in the euro area, Italian industrial production contracted more than expected during September. Across the pond, the preliminary gauge of the U-mich index is the lone release later today.

EUR/USD levels to watch

At the moment, the pair is up 0.10% at 1.1654 and a breakout of 1.1692 (high Nov.3) would open the door to 1.1698 (21-day sma) and then 1.1807 (55-day sma). On the flip side, the next support emerges at 1.1555 (low Nov.7) seconded by 1.1448 (high Jun.30) and finally 1.1289 (200-day sma). Additionally, FXStreet’s Technical Confluences Indicator (TCI) is noting an important resistance zone in the vicinity of 1.1655/60, where converge hourly/daily highs and a weekly 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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