- EUR/USD back into positive territory amid a weaker US dollar.
- Brexit headlines on focus; May to deliver a statement in an hour.
The EUR/USD pair hit a fresh daily high slightly below 1.1350 and then pulled back toward the 1.1300 area, on a volatile day dominated by Brexit headlines. US inflation data came in line with expectations and was ignored by market participants. Around 17:00 GMT, UK PM May will deliver a statement after a Cabinet meeting.
The euro reached at 1.1347, the highest level since Friday and then pulled back. As of writing is trading at 1.1305/10, still with a bullish bias but the momentum eased significantly during the last hour. The main driver of the move higher was US dollar weakness. The DXY is hovering slightly below 97.00, posting minor losses for the day.
Equity prices in Wall Street are flat on a volatile day. The Dow Jones peaked earlier today at 25,495 and is standing at 25,250. Gold prices are also flat, moving in ranges around $1,200/oz while crude oil prices are rising 2.50%, recovering some of yesterday’s losses.
EUR/USD Levels to watch
To the upside, the immediate resistance is seen at 1.1345/50 (Nov 14 high), 1.1375 and 1.1395 (Nov 7 low). On the downside support could be located at 1.1295 (20-hour moving average), followed by 1.1260 (Nov 14 low) and 1.1235.
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