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EUR/USD assaults 1.2780

FXStreet (Edinburgh) - The shared currency is now trimming earlier losses, pushing EUR/USD to post fresh intraday highs in the 1.2780 neighbourhood.

EUR/USD boosted by risk

A out of risk appetite just lifted spot back to the positive ground at the beginning of the week, leaving the area below 1.2740 and challenging the upper band of the range near 1.2780. Second-tier data in the euro area were just bypassed by traders, showing lower Producer Prices in Germany and mixed results from the Italian industrial and manufacturing sectors. Nothing of note ahead in the day with the next relevant data coming tomorrow from the Chinese docket: GDP figures, retail sales and industrial production. According to analysts at BBH, “The $1.2700-$1.2850 band may contain the euro. A break down would signal a re-test of the $1.2600 area. Last week's high was set just shy of $1.2890. If our assessment is correct, and the market has exaggerated the dollar negatives, the risk is on the euro's downside”.

EUR/USD levels to watch

As of writing the pair is up 0.06% at 1.2769 with the next hurdle at 1.2845 (high Oct.16) followed by 1.2853 (23.6% of 1.3995-1.2501) and finally 1.2887 (high Oct.15). On the downside, a break below 1.2744 (low Oct.17) would aim for 1.2719 (10-d MA) and then 1.2717 (21-d MA).

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