- The pair extends the upside beyond 1.1700 the figure.
- The soft tone remains unabated around the greenback.
- US Consumer Confidence by the Conference Board next on tap.
The optimism around the European currency remains well and sound for yet another session and has now lifted EUR/USD to fresh multi-week peaks above the 1.1700 milestone.
EUR/USD now looks to data
The pair is adding to its weekly gains, retaking the critical 1.1700 handle and beyond against the backdrop of an unabated offered bias around the greenback. In fact, the renewed soft note in the buck has dragged the US Dollar Index to fresh 4-week lows in the 94.70/60 band.
The better sentiment surrounding the riskier assets keeps propping up the up move in spot, which remains on its way to re-test the key resistance area in the mid-1.1700s.
Data wise in Euroland, M3 Money Supply expanded at an annualized 4.0% in July, less than initially estimated. In addition, Private Sector Loans expanded 3.0% YoY, in line with prior surveys.
Across the pond, Consumer Confidence measured by the Conference Board will be the salient release later in the session seconded by house prices gauged by the S&P/Case-Shiller index.
EUR/USD levels to watch
At the moment, the pair is up 0.27% at 1.1709 and a break above 1.1721 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9). On the flip side, the next support aligns at 1.1616 (55-day SMA) seconded by 1.1538 (21-day SMA) and finally 1.1533 (10-day SMA).
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