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EUR/USD flirting with tops near 1.1970, ECB-speak eyed

  • The single currency extends the upside momentum on Monday.
  • The greenback remains offered across the board, navigates near 92.50.
  • Focus stays on ECB-speak during the day.

The generalized offered bias around the greenback is sustaining the continuation of the up move in EUR/USD to the 1.1960/70 band.

EUR/USD attention on ECB speakers

The pair is up for the third session in a row at the beginning of the week, prolonging the rebound from last week’s fresh YTD lows in the 1.1825/20 bans and trading further north of the recently surpassed 1.1900 handle.

In the meantime, investors continue to unwind USD-long positions and force the US Dollar index to recede further after clinching fresh tops in the mid-93.00s during last week.

On the positioning front, EUR speculative net longs dropped to the lowest level since late December 2017 during the week ended on May 8, according to the latest CFTC report.

Nothing scheduled in the US docket and Euroland today, while speeches by ECB’s Villeroy, Praet, Lautenschlaeger and Coeure should keep the attention around the European currency.

EUR/USD levels to watch

At the moment, the pair is up 0.23% at 1.1968 and a break above 1.2020 (200-day sma) would target 1.2048 (38.2% Fibo of 1.2413-1.1823) en route to 1.2096 (21-day sma). On the flip side, immediate support aligns at 1.1935 (10-day sma) seconded by 1.1823 (2018 low May 8) and finally 1.1768 (78.6% Fibo of November-February up move).

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