EUR/USD upside picks up pace, approaches 1.1300

The persistent selling pressure around the greenback is now allowing EUR/USD to test the vicinity of the 1.1300 handle, daily tops.

EUR/USD looks to US data, Jackson Hole

Spot keeps its recovery alive today, advancing to the boundaries of the 1.1300 handle against a backdrop of renewed offered bias around the US dollar.

In addition, EUR has managed to quickly leave behind the poor results from the German IFO, coming in below expectations from all of its components for the current month.

Later in the NA session, the usual weekly report on the US labour market is due along with Markit’s Services PMI and July’s Durable Goods Orders, all ahead of Friday’s key speech by Chief Yellen at Jackson Hole and another revision of US Q2 GDP figures

EUR/USD levels to watch

The pair is now up 0.28% at 1.1296 and a breakout of 1.1357 (high Aug.23) would aim for 1.1434 (high Jun.24) and finally 1.1466 (high Apr.12). On the other hand, the immediate support aligns at 1.1242 (low Aug.24) followed by 1.1228 (2014-2016 support line) and finally 1.1179 (38.2% Fibo of May-June drop).