- The pair breaks above the key barrier at 1.1500 the figure.
- The sell off in the greenback accelerated following Trump’s comments.
- Turkey, US-China trade spat and Trump should drive the sentiment today.
The selling pressure around the greenback has been picking up pace at the beginning of the week and has lifted EUR/USD to fresh multi-day peaks beyond 1.1500 the figure.
EUR/USD firmer on USD-selling
The pair is up for the fifth session in a row on Tuesday, prolonging the rebound from last week’s new YTD lows just below the 1.1300 milestone and managing to retake the 1.1500 handle and above.
The greenback continues to suffer President Trump’s comments on Monday, when he criticized the Fed’s tighter stance, opening the door at the same time for a potential intervention to weaken the buck in the ongoing scenario of trade wars.
Nothing in the data space today should leave all the attention to Turkish headlines, with the Lira and US pastor A.Brunson in centre stage, all ahead of tomorrow’s FOMC meeting and upcoming PMIs in Euroland.
EUR/USD levels to watch
At the moment, the pair is gaining 0.38% at 1.1526 and a breakout of 1.1550 (21-day SMA) would target 1.1629 (high Aug.8) en route to 1.1745 (high Jul.31). On the flip side, the immediate support aligns at 1.1448 (10-day SMA) seconded by 1.1299 (2018 low Aug.15) and finally 1.1188 (61.8% Fibo of the 2017-2018 up move).
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