12 Aug 2015
EUR/USD keeps pushing higher, eyes on 1.1180
FXStreet (Edinburgh) - The demand for the common currency keeps gathering pace on Wednesday, now lifting EUR/USD to the 1.1170 area, or fresh session peaks.
EUR/USD firmer on USD strength
The pair is extending its upside to the upper-1.11 area – or 4-week highs - trading at shouting distance from the critical handle at 1.1200 the figure. EUR has generated further buying interest after expectations of a rate hike by the Fed in September continue to dilute in response to the recent moves by the PBoC. Consequently, unwind of USD-long positions remains on the rise, giving further support to the pair’s upside.
In the data space, market participants largely ignored the poor readings from the Industrial Production in the euro area, contracting at a monthly pace of 0.4% during June.
EUR/USD levels to watch
As of writing the pair is advancing 1.04% at 1.1158 with the next hurdle at 1.1179 (high Aug.12) ahead of 1.1197 (high Jul.13) and then 1.1215 (high Jul.10). On the downside, a break below 1.1057 (low Aug.12) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7).
EUR/USD firmer on USD strength
The pair is extending its upside to the upper-1.11 area – or 4-week highs - trading at shouting distance from the critical handle at 1.1200 the figure. EUR has generated further buying interest after expectations of a rate hike by the Fed in September continue to dilute in response to the recent moves by the PBoC. Consequently, unwind of USD-long positions remains on the rise, giving further support to the pair’s upside.
In the data space, market participants largely ignored the poor readings from the Industrial Production in the euro area, contracting at a monthly pace of 0.4% during June.
EUR/USD levels to watch
As of writing the pair is advancing 1.04% at 1.1158 with the next hurdle at 1.1179 (high Aug.12) ahead of 1.1197 (high Jul.13) and then 1.1215 (high Jul.10). On the downside, a break below 1.1057 (low Aug.12) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7).