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EURUSD moves higher to 1.1860, session tops

  • Spot bounces off lows near 1.1830.
  • USD offered ahead of the European open.
  • German CPI, Yellen in the limelight.

The single currency has resumed the upside on Wednesday and is now helping EUR/USD to advance to the area of daily highs around 1.1860.

EUR/USD focused on German data, Yellen

Spot managed to revert weekly lows in the 1.1830 region seen on Tuesday as the greenback appears somewhat offered ahead of the opening bell in Euroland.

Hopes that the US Senate will vote its tax bill on Thursday booted the buck yesterday and prompted the knee-jerk in the pair to fresh 3-day lows in the 1.1830/25 band, although dip buyers seem to have emerged soon afterwards.

Should be quite an interesting day for EUR, as EMU’s sentiment/confidence gauges are next on tap, seconded by the more relevant preliminary CPI figures in Germany for the month of November. In addition BuBa’s J.Weidmann is due to speak.

Across the pond, the second revision of the US Q3 GDP will be the salient event today seconded by October’s pending home sales. Chief J.Yellen will speak before the Joint Economic Committee of Congress on economic outlook, while NY Fed W.Dudley (permanent voter, centrist) and San Francisco Fed J.Williams (2018 voter, centrist) are also scheduled to speak. Additionally, the Fed will publish its Beige Book.

EUR/USD levels to watch

At the moment, the pair is gaining 0.17% at 1.1860 and a breakout of 1.1961 (high Nov.27) would target 1.2033 (high Sep.20) en route to 1.2069 (high Aug.29). On the other hand, the immediate support aligns at 1.1824 (10-day sma) followed by 1.1776 (55-day sma) and finally 1.1713 (low Nov.21).

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