EUR/USD little changed around 1.1170

Pablo Piovano FXStreet

The single currency is posting marginal gains vs. the greenback following the closing bell in Asia, with EUR/USD hovering over the upper end of the range near 1.1170.

EUR/USD up to 3-day highs

The pair is advancing for the second session in a row so far today, as the demand for the greenback seems to have lost some impetus in recent sessions. In fact, when tracked by the US Dollar Index, the buck struggled once again around the 97.50 region, prompting the current correction lower.

Recent positive effects on USD from supportive Fedspeak appear mitigated for the time being, while data releases seem insufficient to favor any direction in spot.

Looking ahead, the European Commission will publish its advanced gauge of consumer confidence in the region. Across the pond, the usual report on initial claims is due along with a speech by FOMC’s J.Powell (permanent voter, centrist).

EUR/USD levels to watch

At the moment, the pair is up 0.04% at 1.1172 facing the next up barrier at 1.1204 (20-day sma) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9). On the other hand, a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).

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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