EUR/USD approaches 1.1250 ahead of Fedspeak

The selling bias around the buck is now allowing EUR/USD to advance to fresh daily highs in the vicinity of 1.1250.

EUR/USD bolstered by data, Fedspeak eyed

The pair’s upside found extra oxygen following solid results from the German IFO for the current month, while IFO officials noted that the German economy remains robust although economic growth is expected to be ‘a bit slower’ in the second half of the week.

Spot is now advancing for the fourth consecutive session so far, regaining more than a cent since Wednesday’s lows in the 1.1120 area backed by the softer tone around the greenback.

Later in the NA session, US docket includes August’s New Home Sales and the Dallas Fed manufacturing index, while USD will grab extra attention following speeches by Kashkari, Tarullo and Kaplan, especially after the recent steady stance by the FOMC.

EUR/USD levels to watch

The pair is now up 0.14% at 1.1243 and a break above 1.1258 (high Sep.22) would aim for 1.1272 (resistance line off 2016 high) and finally 1.1329 (high Sep.8). On the flip side, the immediate support lines up at 1.1119 (low Sep.21) followed by 1.1043 (low Aug.5) and then 1.0950 (low Jul.25).