EUR/USD tests 2017 tops at 1.1025, GDP, ZEW eyed

The EUR/USD pair caught a fresh bid-wave last minutes, extending the three-day bullish run beyond 1.10 handle amid notable USD supply.

EUR/USD: Eyes on Eurozone GDP, German ZEW

The spot is on a roll higher and now looks to test yearly highs posted last week at 1.1024, as the greenback extends its downward spiral against its main competitors. Meanwhile, the USD index breaches 99.50 support and heads towards multi-month lows of 98.36.

Moreover, expectations of upbeat Eurozone flash GDP and German ZEW economic sentiment data also boosts the upbeat momentum seen behind the common currency, while renewed buying interest seen around the German 10-year bund yields also backs the uptick in EUR/USD above 1.10 handle.

Markets now eagerly await the economic releases from the Euroland in order to see whether the spot survive above 1.10 handle. Meanwhile, the major will also take cues from the upcoming US housing and industrial production data due later in the American session.

EUR/USD Technical Levels

Jim Langlands at FXCharts.com notes, “A break of 1.1000, and last Monday’s trend high of 1.1020, would allow an acceleration higher, with little resistance to be seen until the channel top at 1.1055 and then at the important Fibo level at 1.1070, although that still looks some way off. Minor support arrives at 1.0940/50, but back below the session low of 1.0922 and 1.0900, would find further bids at around 1.0870/80 ahead of 12 May’s low of 1.0855. Below here would revisit the Thursday low of 1.0838 and then the 200 DMA (1.0825).”