FXStreet (Edinburgh) – The common currency is now rapidly picking up pace vs. the greenback, lifting EUR/USD to test daily peaks in the vicinity of 1.1180.
EUR/USD supported around 1.1100
After bottoming around the 1.1100 key support, the pair has engaged in a correction higher to the current 1.1170/80 band, or session tops. The up move has gathered further traction following comments by ECB’s Jazbec, who has ruled out further ECB stimulus for the time being.
Those comments have fallen in a mixed bag of opinions by other ECB members, who have recently left the door open for either an increase of the size of the bond-buying programme (currently at €60 billion) or an extension beyond September 2016. Mario Draghi will give a speech before the European Parliament later in the afternoon, where he might shed further light on the subject.
EUR/USD levels to watch
As of writing the pair is advancing 0.36% at 1.1161 and a breakout of 1.1174 (high Sep.23) would target 1.1207 (high Sep.22) en route to 1.1330 (high Sep.21). On the other hand, the next support aligns at 1.1105 (low Sep.23) followed by 1.1089 (low Sep.4) and finally 1.1017 (low Aug.19).
(Market News Provided by FXstreet)