- The pair extends the recovery to the 1.1960 region.
- The greenback keeps losing ground and tests lows near 92.40.
- US U-Mich index came in at 98.8 for the current month.
The demand for the European currency stays solid at the end of the week, pushing EUR/USD further into the positive territory around 1.1960/65 band.
EUR/USD pushes higher on USD-selling
The pair is posting its second consecutive daily advance today and is flirting with a positive weekly close for the first time after three consecutive weeks with losses.
The renewed and moderate sell off in the greenback during the second half of the week comes after the US withdrew from the Iran nuclear deal, as announced by President Trump late on Tuesday. Furthermore, some logical profit taking in response to recent gains and lower-than-expected US CPI results also added to the offered bias in USD.
In the data space, US advanced Consumer Sentiment came in at 98.8 for the current month, a tad above prior surveys. Earlier in the session, Export Price Index expanded 0.6% MoM in April and the Import Price Index rose at a monthly 0.3%.
EUR/USD levels to watch
At the moment, the pair is up 0.43% at 1.1965 and a break above 1.2000 (psychological level) would target 1.2019 (200-day sma) en route to 1.2113 (21-day sma). On the flip side, immediate support aligns at 1.1823 (2018 low May 8) seconded by 1.1768 (78.6% Fibo of November-February up move) and finally 1.1718 (monthly low Dec.12 2017).
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