EUR/USD clinches daily tops near 1.1800

• Spot rises on USD-selling
• EUR upside ignores higher US yields
• Strong resistance seen around 1.1860/80

The upside momentum around the shared currency is now picking up pace and pushing EUR/USD to fresh tops in the vicinity of 1.1800 the figure.

EUR/USD bid on USD-weakness

The greenback stays on the defensive so far today, dragging the US Dollar Index (DXY) to the area of session lows in the 93.70/65 band and allowing at the same time the pair to move closer to the 1.1800 handle.

The down move in DXY comes despite yields of the US 10-year benchmark have advanced to multi-month lows beyond the 2.47% mark on rising speculations that hawkish candidate John Taylor could be the next Fed Chief.

Also collaborating with the pair’s upside, the German IFO survey came in above expectations today, lending extra legs to EUR and adding to yesterday’s auspicious results from advanced PMIs.

Ahead in the session, US new home sales for the month of September are next on tap seconded by the EIA’s weekly report on US crude oil inventories.

EUR/USD levels to watch

At the moment, the pair is up 0.24% at 1.1789 and a break above 1.1858 (high Oct.20) would target 1.1882 (high Oct.12) en route to 1.1911 (high Aug.2). On the flip side, the next support is located at 1.1725 (low Oct.23) seconded by 1.1686 (low Oct.6) and finally 1.1662 (low Aug.17). In addition FXStreet’s technical confluence indicator (TCI) notes important resistance area around 1.1790/1.1801, where aligns the 5-day sma, 200-h sma and Tuesday’s top.