EUR/USD probing the key area near 1.0630, session tops

The upside bias keeps gathering traction in EUR/USD, currently testing the key resistance area around 1.0630.

EUR/USD stronger post-Trump, looks to Fedspeak

Spot has now accelerated its gains towards the 1.0630/40 band following a renewed selling bias around the dollar, which has quickly faded yesterday’s bullish note in response to Trump’s press conference on Wednesday.

President-elect Donald Trump failed to give markets further details on his future economic policy since the election back in early November, adding to the ‘more of the same’ mood and thus taking a toll on the buck.

Later in the session, EMU’s Industrial Production for the month of November is due ahead of the ECB minutes. Across the pond, Initial Claims and Export/Import Prices are due for release.

In addition, USD will keep in centre stage as Chicago Fed C.Evans (voter, dovish), Philly Fed P.Harker (voter, hawkish), Atlanta Fed D.Lockhart (centrist), St.Louis Fed J.Bullard (centrist) and Dallas Fed R.Kaplan (voter, hawkish) are all due to speak later. Chairwoman J.Yellen will also hold a speech although it won’t be on monetary policy.

EUR/USD levels to watch

The pair is now gaining 0.50% at 1.0636 facing the next hurdle at 1.0654 (spike Dec.30 and 55-day sma) ahead of 1.0671 (high Dec.14) and finally 1.0686 (high Nov.28). On the other hand, a breakdown of 1.0508 (low Jan.9) would target 1.0487 (20-day sma) en route to 1.0452 (low Jan.11).