- The pair gathers extra traction and clinches tops near 1.1690.
- The greenback extends the correction lower to the 94.60 region.
- US Empire State index dropped to 19.00 in September.
The demand for the European currency remains firm at the beginning of the week, lifting EUR/USD to fresh daily highs in the 1.1690 zone.
EUR/USD up on USD-selling
The index continues to recover from Friday’s pullback, moving up after meeting solid contention in the 1.1620 region, where align the 10-day, 21-day and 55-day SMAs.
The pair’s up move comes in response to a resumption of the offered bias around the greenback while market participants continue to digest (and ignore?) the fresh bout of threats on the US-China trade front.
Further weakness in the buck, and thus extra support to the pair’s advance, came after the US NY Empire State index came in at 19.00 for the current month vs. 23.20 forecasted and August’s 25.60.
EUR/USD levels to watch
At the moment, the pair is up 0.55% at 1.1687 and a breakout of 1.1724 (high Sep.14) would open the door to 1.1745 (high Jul.31) and finally 1.1792 (high Jul.9). On the other hand, the next support lines up at 1.1617 (21-day SMA) followed by 1.1526 (low Sep.10) and then 1.1508 (low May 29).
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