EUR/USD unstoppable, flirting with 1.1300

The single currency is extending its weekly rally today, with EUR/USD now testing the upper end of the range near 1.1300 the figure.

EUR/USD focus on US data

Spot is advancing further today propped up by an increasing offered tone in the greenback, with the US Dollar Index plummeting to fresh 2-month lows in the 94.60 area.

Data wise in Euroland, Economic Sentiment in Germany and the euro area has surpassed estimates for the month of August, adding to the pair’s bull run to fresh 2-month peaks in the 1.1300 neighbourhood.

Later in the NA session, USD will remain under pressure in light of US CPI figures, results from the housing sector, Industrial Production and the speech by Atlanta Fed D.Lockhart (neutral, non-voter).

EUR/USD levels to watch

The pair is now up 0.97% at 1.1292 and a break above 1.1306 (base of the 8-month rising channel) would open the door to 1.1346 (61.8% Fibo of the May-June down move) and finally 1.1434 (high Jun.24). On the flip side, the immediate support aligns at 1.1179 (38.2% Fibo of the May-June down move) ahead of 1.1115 (20-day sma) and then 1.1092 (200-day sma).