– The pair continues its march north and trades close to the 1.1800 handle.
– Sentiment around the greenback remains subdued, DXY near 93.50/40.
– Hawkish ECB comments keep bolstering the mood around EUR.
The upbeat mood around the European currency stays intact so far this week and is now pushing EUR/USD to test the vicinity of the critical 1.1800 milestone.
EUR/USD in 2-week tops
The pair is extending the up move beyond the recently broken 1.1700 mark and flirts with the boundaries of the 1.1800 handle, always amidst the persistent and renewed selling bias around the buck and positive headlines around the ECB.
In fact, ECB officials advocated earlier in the day for an end of the ongoing QE programme at some point by year end, while an announcement on the subject is now expected at the ECB meeting next week. In the same line, officials also showed some optimism about a rate hike around H2 2019.
On the USD side, DXY remains under heavy pressure so far this week, closing within the negative territory since Monday and extending the drop from last week’s fresh cycle tops just beyond 95.00 the figure.
EUR/USD levels to watch
At the moment, the pair is gaining 0.56% at 1.1779 facing the next up barrier at 1.1796 (high Jun.6) seconded by 1.1830 (high May 22) and finally 1.2012 (200-day sma). On the downside, a break below 1.1617 (low Jun.1) would target 1.1511 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).
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