EUR/USD flirting with tops near 1.0630

The single currency has started the week on a firm note, taking EUR/USD to the upper end of the range near 1.0630.

EUR/USD focus on US releases

The pair is advancing for the second consecutive week so far, benefiting from the renewed weaker tone surrounding the greenback, particularly after comments by President Donald Trump at the end of last week.

Anyway, spot continues to consolidate the drop from YTD tops beyond 1.0900 the figure seen in late March, finding some decent support in the 1.0560 region for the time being.

Absent releases in Euroland due to Easter Monday festivities, market participants will look to the US docket for direction, where the NY Empire State Manufacturing index, the NAHB index and TIC Flows are all due later.

From the positioning side, EUR speculative net shorts have regained traction during the week ended on April 11, advancing to 3-week tops as per the latest CFTC report.

EUR/USD levels to watch

At the moment the pair is gaining 0.12% at 1.0625 facing the next up barrier at 1.0633 (high Apr.14) followed by 1.0662 (55-day sma) and finally 1.0679 (high Apr.13). On the downside, a break below 1.0568 (low Apr.10) would target 1.0523 (low Mar.9) en route to 1.0493 (low Mar.2).