EUR/USD refreshes weekly tops, nearing 100-DMA hurdle ahead of German CPI

   “¢   Persistent USD selling bias helps catch some fresh bids in the last hour.
   “¢   Relatively thin liquidity conditions accelerate the positive momentum.
   “¢   Traders now eye prelim German CPI/US economic data for fresh impetus.

The EUR/USD pair caught some aggressive bids in the last hour and touched a fresh weekly high level of 1.1473 in the last hour.  

In absence of any fresh fundamental development, the latest leg of a sudden spike could be solely attributed to persistent US Dollar selling bias amid concerns that a global economic slowdown might spill over into the US.

This coupled with the partial US government shutdown kept the USD bulls on the defensive and remained supportive of the pair’s strong intraday positive momentum for the second consecutive session on Friday.

Apart from a broad-based USD weakness, the up-move lacked any obvious catalyst and hence, bulls might continue to face difficulty in lifting the pair decisively above the 100-day SMA barrier.

Moving ahead, market participants now look forward to the prelim German consumer inflation figures, which followed by second-tier US economic data might provide some fresh impetus on the last trading day of the week.

Technical levels to watch