EUR/USD stays muted on Draghi, around 1.1760

After briefly dropping below the key 1.1750 level, EUR/USD has now regained some attention and is hovering over the 1.1760/65 band.

EUR/USD apathetic on Dragji’s speech

Spot posted no noticeable reaction to today’s comments by President M.Drahi, who noted that the current monetary accommodation could represent an opportunity to build structural reforms in the region.

In the meantime, the pair remains under pressure always amidst the generalized buying interest surrounding the greenback, which has prompted the US Dollar Index to extend its positive streak for the fifth straight session.

The healthy momentum around US 10-year yields is also helping the buck’s up move and plays against any attempt of recovery by the pair.

Data wise in the US calendar, September’s housing starts and building permits are due seconded by the EIA’s report on crude oil inventories and speeches by Dallas Fed R.Kaplan (voter, hawkish) and NY Fed W.Dudley (permanent voter, centrist).

EUR/USD levels to watch

At the moment, the pair is losing 0.06% at 1.1759 and faces the initial support at 1.1737 (low Oct.17) seconded by 1.1686 (low Oct.6) and finally 1.1662 (low Aug.17). On the upside, a breakout of 1.1802 (21-day sma) would target 1.1841 (55-day sma) en route to 1.1882 (high Oct.12).