EUR/USD pushes higher to daily highs around 1.1750

• EUR ignores German political crisis for now.
• Softer US yields help spot move higher.
• Brexit headlines could bring in volatility via EUR/GBP.

The single currency is trading on a firm note during the first half of the week and is now pushing EUR/USD to the upper end of the range in the 1.1750/60 band.

EUR/USD supported near 1.1710

The pair is advancing for the second session in a row today, recovering part of the ground lost on Monday in response to the political jitters surrounding Germany. However, concerns over the German political scenario appear somewhat alleviated for the time being, allowing the pair to move higher.

Also supporting the upside momentum, yields of the key US 10-year reference stay unable to gather sustainable traction and are currently navigating the lower bound of the range near 2.35%.

The offered bias around the greenback has picked up some pace as well after Chief Yellen said on Tuesday that raising rates too quickly could leave inflation stranded below the Fed’s 2% target, noting at the same time that inflation expectations could be losing traction.

Nothing expected data wise in Euroland today, whereas durable goods orders, consumer sentiment and initial claims are all due in the US docket ahead of the Thanksgiving Day holiday on Thursday.

EUR/USD levels to watch

At the moment, the pair is losing 0.09% at 1.1749 and a breakout of 1.1808 (high Nov.20) would target 1.1823 (high Nov.17) en route to 1.1860 (high Nov.15). On the flip side, the immediate support aligns at 1.1713 (low Nov.21) seconded by 1.1686 (21-day sma) and finally 1.1554 (low Nov.7).