EUR/USD gathering some attention around 1.0630

The single currency is picking up extra pace on Friday, lifting EUR/USD to the 1.0625/30 band, or session peaks.

EUR/USD supported near 1.0590

The pair has rebounded from lows in the 1.0590 area seen during overnight trade, retaking the 1.0600 handle and advancing to the vicinity of 1.0630 ahead of the opening bell in Euroland.

Spot shed nearly 3 cents since yesterday’s initial spike following the ECB interest rate decision, although it has rapidly reverted the up move as the ECB statement and Dragjhi’s press conference went under way.

The statement revealed that the Governing Council has not discussed any ‘tapering’ and that the QE programme is now intended to run at least until December 2017, although the monthly purchases of bonds will be reduced to €60 billion from April (from €80 bilion).

In the data space, German trade surplus shrunk to €20.5 billion in October, missing estimates at the same time.

Across the pond, US advanced Consumer Sentiment tracked by the Reuters/Michigan Index is due later, with consensus seeing an improvement to 94.5 for the current month.

EUR/USD levels to watch

The pair is now up 0.06% at 1.0623 and a break above 1.0798 (high Dec.5) would target 1.0815 (38.2% of the November drop) en route to 1.0873 (spike post-ECB Dec.8). On the flip side, the immediate support aligns at 1.0589 (low Dec.9) followed by 1.0515 (low Nov.24) and finally 1.0503 (2016 low Dec.5).