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EUR/USD moves to session highs around 1.1820

  • Spot gained over a cent on Tuesday, re-tested 1.18 and above.
  • DXY plummeted below 94.00, 3-week lows.
  • US CPI, retail sales next on the docket.

The shared currency is extending its recent gains on Wednesday, lifting EUR/USD to the 1.1815/20 region, or fresh multi-week peaks.

EUR/USD focused on ECB-speak, US data

The pair is up for the sixth session in a row today, navigating the area of multi-week tops at the same time and shifting its focus on the 1.1840 area, daily highs in late October just before the latest ECB meeting.

On the USD-side, the US Dollar Index (DXY) fell below the 94.00 handle yesterday, recording at the same time fresh 3-week lows, as uncertainty seems to have returned to the US political scenario.

In the data space, ECBs P.Praet is due to speak. Across the pond, the greenback should stay under pressure in light of the publication of October’s inflation figures tracked by the CPI, retail sales during the same period and the NY Empire State manufacturing gauge. In addition, Chicago Fed C.Evans (voter, dovish) and Boston Fed E.Rosengren (2019 voter, hawkish) are also due to speak.

EUR/USD levels to watch

At the moment, the pair is up 0.14% at 1.1814 and a breakout of 1.1837 (high Oct.27) would open the door to 1.1860 (high Oct.20) and then 1.1882 (high Oct.12). On the flip side, the next support emerges at 1.1738 (100-day sma) seconded by 1.1693 (21-day sma) and finally 1.1663 (10-day sma). In addition, FXStreet’s Technical Confluences Indicator (TCI) is noting an important support zone in the 1.1760 area, where sit a pivot point and a monthly Fibo retracement.

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