EUR/USD through 1.1100 ahead of Beige Book

The selling pressure around the greenback is allowing EUR/USD to clinch fresh highs beyond the 1.1100 handle.

EUR/USD bolstered by USD-selling

Spot gained extra legs as the greenback keeps losing momentum, with the US Dollar Index threatening to break below the key support at 96.00 the figure and challenging weekly lows at the same time.

In the meantime, USD will remain in centre stage following the release of the Fed’s Beige Book, speeches by Lockhart and George (Thursday) and the more relevant inflation figures and Retail Sales on Friday.

EUR/USD levels to watch

The pair is now gaining 0.50% at 1.1116 and a break above 1.1150 (20-day sma ) would target 1.1196 (base of the 6-month rising channel) and finally 1.1207 (up trend from March’s low). On the flip side, the immediate support lines up at 1.0999 (low Jul.8) followed by 1.0913 (post-Brexit low Jun.24) and then 1.0820 (low Mar.10).