FXStreet (Edinburgh) – A sudden bout of buying interest in the common currency has pushed EUR/USD to session tops in the mid-1.1300s following the opening bell in Euroland.
EUR/USD looking to break the consolidation
The pair is now trying to break above the prevailing consolidative pattern around 1.1330 following yesterday’s deep pullback from highs in the 1.1380 area.
Absent releases in the euro region today, the risk trends will once again be the main drivers of the pair’s price action ahead of the US docket, where Housing Starts and Building Permits will take centre stage seconded by speeches by Fed’s Powell, Dudley and Yellen.
EUR/USD relevant levels
As of writing the pair is advancing 0.15% at 1.1344 with the next hurdle at 1.1466 (downtrend from May’14 top) followed by 1.1500 (psychological handle) and then 1.1714 (high post-PBoC move Aug.24). On the downside, a breach of 1.1300 (psychological level) would target 1.1240 (55-day sma) en route to 1.1229 (2-month uptrend).
(Market News Provided by FXstreet)