- The softer tone in the greenback helps spot to advance further.
- The pair appears supported in the 1.1680/70 band so far.
- ECB minutes, US data releases next on tap.
EUR/USD is moving further north of the 1.1700 handle on Thursday amidst a renewed selling pressure around the greenback.
EUR/USD attention remains on the ECB event
The pair’s ongoing recovery appears to have met some resistance in the 1.1740/50 band for the time being, all against the backdrop of a correction lower in the buck to the 93.70 region when tracked by the US Dollar Index (DXY).
Adding to EUR buying, ECB’s Vasiliauskas said he does not disagree with forecasts of a rate hike by the ECB in six months. He also added that geopolitics matter when discussing the end of the QE programme.
Earlier in the session, German Q1 GDP figures matched prior surveys while Consumer Climate measured by GfK came in below estimates at 10.7 for the month of June.
Later in the session, the ECB will release its minutes of the April meeting, while Initial Claims and the speech by NY Fed W.Dudley (permanent voter, centrist) are due in the NA session.
EUR/USD levels to watch
At the moment, the pair is up 0.32% at 1.1733 facing the next up barrier at 1.1829 (high May 22) seconded by 1.1808 (10-day sma) and finally 1.1897 (21-day sma). On the flip side, a break below 1.1676 (2018 low May 23) would target 1.1668 (low Oct.8 2017) en route to 1.1659 (monthly low Oct. 27 2017).
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