EUR/USD rebounds to 1.0630, session tops

A sudden bout of selling pressure around the buck is now sending EUR/USD to the area of daily peaks in the vicinity of 1.0630.

EUR/USD up on USD selling

Spot met extra upside impetus after the greenback, in terms of the US Dollar Index (DXY), has plummeted to fresh daily lows in the 101.00 neighbourhood despite auspicious results from the US docket earlier today.

In fact, US GDP figures for the third quarter and CB’s Consumer Confidence have come in above expectations today, although USD was unable to sustain a durable bull run.

Back to Euroland, Germany’s flash consumer prices are expected to rise less than initially estimated during the current month, pouring (very) cold water over hopes of a pick up in inflation figures in the region.

EUR/USD levels to watch

The pair is now advancing 0.04% at 1.0618 and a break above 1.0685 (high Nov.28) would target 1.0763 (high Nov.16) en route to 1.0826 (high Nov.14). On the flip side,

the immediate support is located at 1.0515 (2016 low Nov.24) followed by 1.0457 (2015 low Mar.16) and then 1.0332 (monthly low January 2003).