- The pair is flirting with daily highs in the 1.1830 region.
- Spot gains further upside traction on weaker greenback.
- US 10-year yields are approaching the 3.08% level.
The upbeat tone around the single currency remains well and sound today, lifting EUR/USD to fresh daily highs in the 1.1830 region.
EUR/USD supported near 1.1700
Fresh dip buyers around the shared currency appeared around yesterday’s multi-month lows in the 1.1700 neighbourhood, motivating spot to regain the 1.1800 milestone and beyond.
The greenback, on the other side, drops to fresh 3-day lows in the 93.35/30 band, extending the leg lower after clinching fresh 2018 peaks above 94.00 the figure at the beginning of the week.
Absent releases in Euroland and the US calendars, market participants should continue to look to risk appetite trends for near term direction, while initial jitters regarding the populist coalition government in Italy appear somewhat mitigated.
EUR/USD levels to watch
At the moment, the pair is gaining 0.25% at 1.1821 facing the next up barrier at 1.1842 (10-day sma) followed by 1.1943 (21-day sma) and finally 1.1996 (high May 14). On the downside, a breach of 1.1717 (2018 low May 21) would aim for 1.1700 (psychological level) and then 1.1553 (monthly low Nov. 7 2017).
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