- EUR/USD moves higher and clinches the 1.0950/55 band.
- Eurogroup clinched a €500 billion deal on Thursday.
- US March inflation figures due later in the NA session.
The single currency is extending the weekly recovery and is lifting EUR/USD to the area of monthly peaks in the 1.0950/55 band.
EUR/USD remains bid, looks to US data
EUR/USD is advancing for the second consecutive session on Good Friday and manages to clinch fresh weekly highs near 1.0960, always following the continuation of the offered bias in the greenback.
The shared currency picked up extra steam in the last hours after the Federal Reserve announced on Thursday another wave of monetary stimuluts, this time in the form of $2.3 trillion support oriented to small and medium companies, workers and local governments.
In addition, the upbeat tone in the euro has been sustained further after the Eurogroup reached an agreement to provide €500 billion to state members in order to fight the coronavirus fallout.
Later in the NA session, all the attention will be on the publication of US inflation figures measured by the CPI for the month of March.
What to look for around EUR
The shared currency is extending the upside at the end of week amidst low volatility and thin trade conditions due to the Easter holidays. On the macro view, recent better-than-expected results in fundamentals in both Germany and the broader Euroland opened the door to some respite in the prevailing downtrend in fundamentals, although the underlying stance still remains well on the negative side. In addition, the recent Eurogroup agreement helped to alleviate some political effervescence among state members.
EUR/USD levels to watch
At the moment, the pair is gaining 0.15% at 1.0945 and a break above 1.0952 (weekly high Apr.10) would target 1.0975 (55-day SMA) en route to 1.0992 (monthly low Jan.29). On the other hand, immediate contention emerges at 1.0768 (monthly low Apr.6) seconded by 1.0635 (2020 low Mar.20) and finally 1.0569 (monthly low Apr.10 2017).
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