EUR/USD retakes 1.1700 and above ahead of Draghi

• The pair resumes the upside above the 1.1700 handle.
• The greenback loses the grip as trade tensions ease.
• Ecb’s Draghi will be in the limelight later in the session.

EUR/USD is extending the positive start of the week and is now looking to challenge last week’s peaks in the 1.1715/20 band.

EUR/USD looks to Draghi

The pair is advancing for the second consecutive session so far on Tuesday amidst the persistent selling bias around the greenback.

In fact, market participants quickly shrugged off the recent escalation on the US-China trade front following the recent announcement of 10% tariff on $200 billion of Chinese products.

Data/event wise, ECB President M.Draghi and Board member D.Nouy will speak at an event in Paris later in the morning. Across the pond, TIC Flows, the NAHB index and the API’s weekly report are also due.

EUR/USD levels to watch

At the moment, the pair is up 0.13% at 1.1698 and a breakout of 1.1724 (high Sep.14) would open the door to 1.1745 (high Jul.31) and finally 1.1792 (high Jul.9). On the other hand, the next support lines up at 1.1629 (21-day SMA) followed by 1.1526 (low Sep.10) and then 1.1508 (low May 29).