EUR/USD regains 1.1700 and beyond, eyes on Fedspeak

After briefly testing fresh 3-week lows in the 1.1660 region, EUR/USD has now returned to the 1.1700 region ahead of Fed speakers.

EUR/USD focus on Fedspeak

The selling pressure around the European currency has accelerated following the ECB minutes, where members of the Council showed concerns over the exchange rate among the salient points.

In addition, the buying interest around the buck stays on the rise, taking the US Dollar index to fresh daily highs just pips away from recent tops in the 94.00 neighbourhood.

The up move in USD appears reinforced by the rebound in the US money markets, where yields of the 10-year benchmark tested tops in the vicinity of 2.25% following positive results from initial claims and the Philly Fed manufacturing gauge for the month of August.

Later in the session, USD is poised to stay under the microscope in light of the speeches by Dallas Fed R.Kaplan (voter, hawkish) and Minneapolis Fed N.Kashkari (voter, dovish.

EUR/USD levels to watch

At the moment, the pair is retreating 0.42% at 1.1717 facing the immediate support at 1.1662 (low Aug.17) seconded by 1.1611 (low Jul.26) and finally 1.1577 (4-month up trend). On the other hand, a breakout of 1.1790 (high Aug.17) would target 1.1846 (high Aug.11) en route to 1.1894 (high Aug.3).