EUR/USD recovery eyes 1.1750 post-US data

• The pair keeps the upside intact, testing peaks near 1.1750.
• The greenback remains under pressure around daily lows.
• US Personal Income/Spending matched consensus in June.

The upbeat momentum around the shared currency stays unabated today and is now pushing EUR/USD to reach fresh 3-day peaks in the boundaries of 1.1750.

EUR/USD bid after US data

Spot is adding some sustainability to the recent breakout of the 1.1700 handle, always against the backdrop of the persistent and renewed selling bias surrounding the buck.

The greenback has been also undermined with mixed results from the US docket today, where inflation figures tracked by the Core PCE rose less than expected 1.9% during last month and 0.1% inter-month.

Further publications saw Personal Income and Spending expanding at a monthly 0.4% during the same period, both matching initial estimates and thus leaving no room for a positive surprise and therefore some respite to the greenback’s decline.

Moving forward, the buck is expected to remain under the microscope in light of the FOMC meeting and the release of the ISM Manufacturing tomorrow and July’s Non-farm Payrolls on Friday.

EUR/USD levels to watch

At the moment, the pair is up 0.22% at 1.1732 and faces the initial hurdle at 1.1749 (high Jul.23) seconded by 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14). On the flip side, a breakdown of 1.1621 (low Jul.27) would target 1.1575 (low Jul.19) en route to 1.1527 (low Jun.28).