EUR/USD pushes higher on ECB minutes, 1,14 closer

The demand for the single currency stays firm on Thursday, taking EUR/USD to the 1.1380 region ahead of the opening bell in Wall St.

EUR/USD focus on ECB, ADP

Spot regained the smile today following the renewed downside pressure around the greenback. The pair is thus advancing for the second straight session so far, while the US Dollar Index dropped to fresh lows in the sub-96.00 area after the recovery lost momentum around 96.10.

EUR stays bid after the ECB published its minutes from the last meeting. The central bank said that the easing bias on the asset purchase programme could be reviewed if confidence in inflation outlook improves. The ECB also noted that the inflation outlook stays vulnerable to premature tightening, while conditions are in place for a gradual pick up of consumer prices in the region.

Further support for EUR comes from yields in the German money markets, where the 10-year benchmark is hovering over 0.56%, or fresh YTD peaks.

In the data space, the monthly report on private jobs by ADP is due seconded by Initial Claims, the ISM non-manufacturing and the speech by FOMC’s J.Powell (permanent voter, centrist).

EUR/USD levels to watch

At the moment, the pair is up 0.26% at 1.1380 and a breakout of 1.1448 (2017 high Jun.30) would open the door to 1.1466 (high Apr.12 2016) and 1.1466 (high Apr.16 2016). On the downside, the immediate support aligns at 1.1313 (low Jul.5) followed by 1.1290 (low Jun.28) and finally 1.1255 (21-day sma).

Furthermore from the technical perspective sees the daily RSI (14) rebounding to 63 while the MACD remains in the bullish side albeit approaching the signal line.