EUR/USD pushes higher to 1.0930, US data on sight

The common currency keeps the buoyant tone on Wednesday, now lifting EUR/USD beyond the 1.0900 handle, or session tops.

EUR/USD attention to US releases

The pair has quickly reverted Tuesday’s drop to multi-month lows in the 1.0850/45 band, advancing nearly a cent to the current 1.0930 area as the renewed selling pressure continues to weigh on the buck.

In the meantime, EUR’s remain supported by recent upbeat results from PMIs in Euroland (Monday) and the German IFO (Tuesday), which seem to have limited the pair’s downside somewhat. Of note regarding the upcoming release of flash CPI figures in the euro bloc, ECB’s Hansson said an improvement in Core prices still remains elusive.

Across the pond, US Services PMI, New Home Sales, Goods Trade Balance and the weekly report on crude oil inventories by the DoE will keep the attention on the buck.

EUR/USD levels to watch

The pair is now up 0.31% at 1.0923 facing the next resistance at 1.0944 (2014-2016 resistance line) followed by 1.1015 (7-month resistance line) and then 1.1041 (post-ECB spike Oct.20). On the other hand, a breakdown of 1.0820 (low Mar.10) would target 1.0709 (2016 low Jan.5) en route to 1.0538 (low Dec.3 2015).