- The pair clinches weekly peaks beyond 1.1500 the figure.
- Increasing selling pressure is hurting the buck.
- FOMC minutes next on tap in the US docket.
A wave of fresh selling orders is now hurting the greenback and lifting EUR/USD to fresh multi-day tops above the critical 1.1500 the figure.
EUR/USD up on USD weakness
Spot manages to quickly gather extra steam and surpass the 1.1500 barrier following the ongoing sharp sell off in the buck, which is forcing the US Dollar Index to retreat to the 95.30 region, area last visited in October 2018.
The pair gains extra pace despite Fed-speakers did not sounded as dovish as probably expected earlier today. In fact, Chicago fed C.Evans said that rates could climb a bit above neutral if downside risks dissipate, adding that he expects the economy to expand a tad above 2% this year.
Later in the day, all eyes will be on the publication of the FOMC minutes.
What to look for around EUR/USD
In the very near term, US-China trade negotiations will remain key for the price action in the risk-associated complex. On the USD-side, today’s FOMC minutes could shed more detail on the views of the Committee regarding the rate path for the next months as well as the sustainability of the current pace of the US economy. Other than USD-dynamics, EUR faces difficulties in its own backyard which could hinder further upside: political effervescence in Italy, upcoming discussion over the French budget along with some social unrest, German economy could enter a technical recession in Q4 in light of recent poor data releases”¦ and as a result of this mix, the ECB could remain sitting on the fence for longer”¦
EUR/USD levels to watch
At the moment, the pair is gaining 0.79% at 1.1530 facing the next hurdle at 1.1549 (2019 high Jan.1) seconded by 1.1550 (high Oct.22 2018) and finally 1.1621 (monthly high Oct.16). On the flip side, a breakdown of 1.1309 (2019 low Jan.2) would target 1.1268 (monthly low Dec.14 2018) en route to 1.1214 (2018 low Nov.12).
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