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EUR/USD retreats from tops, around 1.1920

  • Spot clinched tops near 1.1950 and deflated later.
  • Positive headlines from German politics helped EUR.
  • USD remains steady, still out of favour.

The demand for the European currency remains firm at the beginning of the week, sending EUR/USD to tesT fresh tops in the b=vicinity of 1.1950 just to lose some momentum soon afterwards.

EUR/USD bolstered by German politics

Spot saw a continuation of last week’s up move early on Monday following news that Chancellor A.Merkel’s CDU has opened the door to a ‘grand coalition’ government, leaving behind the political crisis that prevailed in past days.

Also supporting the upbeat momentum around the pair, the greenback remains out of favour amidst the persistent lack of clarity in the US political scenario, particularly regarding the US tax reform. In this regard, President Trump will meet with Senate Republicans later in the week.

Nothing scheduled in the European docket today apart from a speech by ECB’s V.Constancio. Across the pond, October’s new home sales are only due along with a speech by Minneapolis Fed N.Kashkari (voter, dovish).

EUR/USD levels to watch

At the moment, the pair is losing 0.09% at 1.1921 facing the immediate support at 1.1815 (10-day sma) seconded by 1.1779 (55-day sma) and finally 1.1713 (low Nov.21). On the flip side, a breakout of 1.1936 (high Nov.27) would target 1.2033 (high Sep.20) en route to 1.2069 (high Aug.29).

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