EUR/USD In Highs Near 1.1340, ZEW Eyed
The greenback continues to trade on the defensive during the first half of the week, now sending EUR/USD to print daily highs in the 1.1340 area.
EUR/USD focus on ZEW
Spot
is advancing for the second session in a row after a positive start of
the week and in response to a renewed offered tone around the greenback.
After briefly testing multi-day lows near 1.1240 early on Monday, EUR
has managed to pick up pace and regain the 1.1300 mark and above.
Later
in the European morning, German/EMU ZEW Survey is due, with consensus
expecting the Economic Sentiment to have improved in Germany during the
current month.
In the US docket, the housing sector will take centre stage in light of the releases of Housing Starts and Building Permits.
EUR/USD levels to watch
The
pair is now up 0.16% at 1.1331 and a break above 1.1454 (2016 high
Apr.7) would open the door to 1.1496 (monthly high Oct.15 2015) and then
1.1713 (high Aug.24 2015). On the flip side, the immediate support
aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1190
(55-day sma) and finally 1.1142 (low Mar.24).
