EUR/USD is trading above the 1.1440 zone, its highest since last March when the pair reached a yearly high of 1.1496, and has room to extend the advance on a break above 1.1460, FXStreet’s Chief Analyst Valeria Bednarik briefs.
Key quotes
“The EU didn’t release macroeconomic data this Wednesday, while the US has published the NY Empire State Manufacturing Index for July, which improved from -0.2 to 17.2. The country also released the June import Price Index and the Export Price Index for the same month, both better than anticipated. Ahead of Wall Street’s opening, the country will publish June Industrial Production, foreseen at 4.3% from 1.4% previously, and Capacity Utilization, seen improving to 67.7%.”
“In the 4-hour chart, the EUR/USD pair is above all of its moving averages, with the 20 SMA heading firmly north above the larger ones. Technical indicators, in the meantime, remain near their daily highs near overbought levels, supporting an extension towards the mentioned yearly high on a break above 1.1460, a strong static resistance level.”
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