EUR/USD hits fresh highs near 1.0620, ECB, Fedspeaks eyed

The EUR/USD pair reversed a brief dip below 1.06 handle and now flirts with daily tops, as the bulls remain in charge amid broad based US dollar weakness induced by Trump’s press conference.

EUR/USD awaits fresh impetus

Currently, the spot trades +0.26% higher near fresh session highs of 1.0615, having posted a day’s low at 1.0572. The main currency pair is seen breaking higher from a brief consolidation phase seen during the late-Asian trades, as the US dollar comes under fresh selling pressure against its main competitors. The European traders hit their desks and exhibit negative reaction to lack of policy details from Trump’s press conference held last US session.

US: Wild swing in USD dominated by President-elect Trump’s first press conference – Rabobank

Moving on, we have a busy economic calendar today, with industrial production figures from the Euroland to kick-off the day, followed by ECB monetary policy accounts. While on the US-side, we have the usual weekly jobless claims data and a bunch of Fed officials on the wires, including Fed’s Evans and Harker.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0654 (daily R1). A break beyond the last, doors will open for a test of 1.0671 (Dec 14 high) and from there to 1.0700 (round figure). On the flip side, the immediate support is placed at 1.0569 (5-DMA) below which 1.0534 (10-DMA) and 1.0499 (20-DMA) could be tested.