EUR/USD moves higher, near 1.0950

The softer tone around the greenback is now helping EUR/USD to advance to the area of daily highs around 1.0950.

EUR/USD eyes on 2017 tops

The pair is extending the buying interest at the beginning of the week, always amidst a persistent selling bias in the buck after recent US inflation figures and retail sales results have disappointed market expectations.

Spot is prolonging the upside seen during the second half of last week, gaining around a cent since recent lows and threatening to break above the key resistance area in the mid-1.0900s.

Additionally, EUR is deriving extra support from the positioning front, as the speculative community is now net long for the first time since May 2014, as shown by the latest CFTC report.

Nothing scheduled data wise in Euroland, whereas the NY Empire State index, TIC flows for the month of March and the NAHB index are all due across the pond.

EUR/USD levels to watch

At the moment, the pair is advancing 0.08% at 1.0941 and a break above 1.0951 (high Apr.26) would target 1.1024 (2017 high May 8) and finally 1.1300 (high Nov.9 2016). On the flip side, the next support aligns at 1.0916 (23.6% Fibo of the April-May rally) followed by 1.0873 (20-day sma) and finally 1.0838 (low May 11).