- Risk-on led broad USD selling, upbeat Eurozone industrial data jolt the pair finally through 1.1300.
- Will the upside sustain ahead of US prelim UoM consumer sentiment data?
The EUR/USD pair caught a fresh bid wave in the European session and broke its consolidative mode to the upside, as the bulls finally conquered the 1.13 handle amid notable US dollar supply across the board.
EUR/USD now targets next resistance at 1.1330
The US dollar witnessed another leg lower amid a major turnaround in the risk sentiment, as reflected by the advances in the European equities, US equity futures and Treasury yields that dampened the demand for the safe-haven dollar.
Meanwhile, the greenback remains pressured by the latest US media reports, citing that Herman Cain is expected to withdraw from Fed Board of Governors consideration in the coming days. Further, reports that the Fed Chair Powell thinks that the US interest rates are in the right place also collaborated to the broad USD weakness.
On the EUR-side of the equation, a smaller-than-expected drop in the Eurozone industrial figures outweighed the reports that the German government is very likely to cut the 2019 German GDP growth forecast by half and bolstered the bullish tone around the shared currency.
However, it remains to be seen if the spot can extend the break above the 1.1300 level and test the next upside target of 1.1330 heading into the key US prelim UoM consumer sentiment release due later today at 1400 GMT.
EUR/USD Technical Levels
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