FXStreet (Edinburgh) – The buying pressure is now gathering further traction around the euro, sending EUR/USD to fresh multi-week tops near 1.1440.
EUR/USD firmer on US releases
The results from the US economy keep disappointing investors, this time Retail Sales have expanded 0.1% on a monthly basis during September vs. 0.2% initially estimated; sales excluding the Autos sector have contracted more than forecasted 0.3% MoM.
Further data showed Producer Prices dropping 0.5% inter-month while Prices ex-Food and Energy also contracted 0.3%, both readings missing the median. Next of relevance (if any at all) will be the Fed’s Beige Book, due later in the NA session.
EUR/USD relevant levels
As of writing the pair is advancing 0.54% at 1.1441 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1475 (downtrend from May 2014 tops) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1300 (psychological level) followed by 1.1253 (55-day sma) and then 1.1234 (61.8% Fibo of 1.3993-1.0462).
(Market News Provided by FXstreet)