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EUR/USD pushes higher above 1.1900, fresh tops

  • Spot clinches fresh 2-month tops beyond 1.19.
  • Sell off in USD continues.
  • US 10-year softer, off highs.

The buying interest around the European currency is now picking up pace, lifting EUR/USD to fresh multi-week tops in the 1.1900 neighbourhood.

EUR/USD in levels seen in September

The upside momentum in spot remains propped up by the increasing sell-off in the greenback, which gathered extra pace after the US Dollar Index broke below the critical support at 93.00 the figure earlier in the week.

EUR also derived support from auspicious results from November’s German IFO published earlier in the session, which added to the positive surprise from advanced PMIs in core Euroland seen on Thursday.

On the USD-side, market participants continue to unwind their long positions in the buck, particularly after the dovish tone from the FOMC minutes and following comments by Chairwoman J.Yellen, who expressed concerns over the lack of traction in inflation figures.

EUR/USD levels to watch

At the moment, the pair is gaining 0.51% at 1.1911 and a breakout of 1.2033 (high Sep.20) would target 1.2069 (high Aug.29) en route to 1.2094 (2017 high Sep.8). On the flip side, the next support emerges at 1.1781 (10-day sma) seconded by 1.1765 (10-day sma) and finally 1.1713 (low Nov.21).

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