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EUR/USD edges higher to 1.1880 ahead of EMU CPI

  • Spot clinches highs around 1.1880.
  • USD remains offered near 93.20.
  • EMU CPI next on tap.

The buying interest around the single currency is gathering extra traction in the second half of the week, motivating EUR/USD to advance to the area of session tops in the 1.1870/80 band.

EUR/USD focused on EMU CPI

Following yesterday’s ‘doji-like’ candle, spot is now picking up further upside momentum and is currently challenging the critical resistance area around 1.1870/80.

The up move in the pair is accompanied by a softer tone in yields of the key US 10-year reference, which are shedding some ground after Wednesday’s tops in levels just beyond the 2.40% handle.

Ahead in the session, advanced November inflation figures tracked by the CPI in the euro bloc will be the salient event, while PCE, initial claims, personal income/spending should grab all the attention in the US docket.

EUR/USD levels to watch

At the moment, the pair is gaining 0.15% at 1.1865 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 1.1832 (10-day sma) followed by 1.1818 (low Nov.29) and finally 1.1713 (low Nov.21).

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