- The pair reverts the initial drop and advances to 1.1750.
- The greenback eases some ground. US 10-year yields near 3.07%.
- German IFO came in above expectations in September.
The buying interest seems to have returned around the European currency and is now lifting EUR/USD to the 1.1750/55 band, or daily peaks.
EUR/USD bid after data, still looks to 1.1853
The pair managed to rebound from earlier lows in the vicinity of 1.1720 as some selling pressure seems to have returned to the buck while the German IFO survey surprised to the upside for the month of September.
In fact, German Business Climate came in at 103.7, Current Conditions at 106.4 and Expectations at 101.0, all prints bettering previous estimates and thus lending extra support to the pair.
Further out, ECB’s M.Draghi will make an Introductory Statement at the European Parliament later in the afternoon, while the Chicago Fed National Activity Index will be the sole publication across the pond.
EUR/USD levels to watch
At the moment, the pair is up 0.09% at 1.1759 and a breakout of 1.1804 (high Sep.21) would target 1.1853 (monthly high Jun.14) en route to 1.1947 (200-day SMA). On the flip side, the next support aligns at 1.1684 (10-day SMA) followed by 1.1657 (21-day SMA) and then 1.1526 (low Sep. 10).
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