- The pair’s upside met resistance near 1.1420.
- The greenback rebounds from lows around 96.40.
- EMU’s Producer Prices surprised to the upside in November.
After climbing as high as the 1.1420 area in early trade, EUR/USD has now eased some ground and is now gyrating around the 1.1400 handle on some rebound in the greenback.
EUR/USD looks to risk trends, Brexit debate
The pair is up for the second session in a row on Tuesday, reverting last Friday’s pullback and moving to fresh multi-day peaks beyond 1.1400 the figure always on the back of improved risk-on mood in the global markets.
Further out, EUR keeps closely following the events in the Italian political scenario, where latest news says PM Conte should come out with a fresh budget proposal to EU later in the day.
Data wise in Euroland, Producer Prices in the region rose at a monthly 0.8% and 4.9% from a year earlier, both prints coming in above previous estimates. Across the pond, the IBD/TIPP index and the speech by FOMC’s VP J.Williams are due later in the NA session.
EUR/USD levels to watch
At the moment, the pair is up 0.41% at 1.1401 and a breakout of 1.1418 (high Dec.4) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20). On the flip side, the next support emerges at 1.1267 (low Nov.28) followed by 1.1214 (2018 low Nov.12) and finally 1.1188 (61.8% Fibo of the 2017-2018 rally).
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