EUR/USD climbs to highs beyond 1.1350

16 November, 2018

The pair advances to daily highs near 1.1360 on Friday. The greenback trades on the defensive below the 97.00 handle. EMU’s final CPI figures next on tap. Attention also on Brexit.

The single currency keeps its slow but relentless march north at the end of the week, taking EUR/USD to the 1.1350/60 band ahead of the opening bell in Euroland.

Spot is advancing since Tuesday on the back of alleviated concerns on the US-China trade front, while fresh demand for the shared currency has been also stemming from EUR/GBP and the sharp sell off in the Sterling.

In fact, the greenback has been suffering the probability of a US-China trade deal, which could be announced as soon as this month when President Trump and China’s Xi Jinping meet at the G20 gathering in Argentina.

While attention in the Old Continent should remain on Brexit negotiations and the future of PM Theresa May, final October inflation figures in Euroland are due today along with the speech by BuBa’s J.Weidmann.

Across the pond, Industrial Production, Capacity Utilization and the speech by Chicago Fed C.Evans is also expected.

At the moment, the pair is up 0.25% at 1.1356 facing the next hurdle at 1.1376 (21-day SMA) seconded by 1.1502 (high Nov.7) and then 1.1519 (55-day SMA). On the other hand, a break below 1.1214 (2018 low Nov.12) would target 1.1188 (61.8% Fibo retracement of the 2017-2018 up move) en route to 1.1118 (low Jun.20 2017).


Source   Presented by HYCM
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