EUR/USD stays firm near 1.1770

The European currency keeps the upbeat tone so far this week and is now pushing EUR/USD to the 1.1770/80 band, or weekly tops.

EUR/USD up on USD-weakness, ECB-speak

The pair grabbed extra buying interest this week following a persistent selling bias around the buck, managing at the same time to revert last Friday’s fresh 3-month lows near the key support at 1.1660.

Furthermore, ECB’s S.Lautenschlaeger said yesterday that the ECB should roll back assets purchases next year, lending extra support to EUR. Her comments, however, stay on the opposite side from some other board members, who last week showed concerns over the rapid appreciation of the exchange rate.

Additionally, German industrial production figures released yesterday posted its largest expansion in more than six years during the month of August, collaborating further with the upbeat mood around the shared currency.

Nothing scheduled data wise in Euroland today, whereas the NFIB index and the speech by Minneapolis Fed N.Kashkari (voter, dovish) are only expected in the US calendar.

EUR/USD levels to watch

At the moment, the pair is gaining 0.22% at 1.1766 and a break above 1.1789 (high Oct.10) would target 1.1839 (21-day sma) en route to 1.1911 (high Aug.2). On the other hand, the immediate support aligns at 1.1668 (low Oct.6) followed by 1.1662 (low Aug.17) and finally 1.1607 (100-day sma).