EUR/USD firmer, 1.12 on sight

The upside momentum around the single currency is now gathering pace, sending EUR/USD to the vicinity of 1.1190, or session peaks.

EUR/USD focus on US data

It seems the pair has resumed its upside seen last week, looking to re-visit the 1.1200 neighbourhood, as the greenback keeps losing traction early in the European session.

Later in the day, US inflation figures gauged by the PCE (Fed’s favourite) plus Personal Income/Spending will be the main highlights across the pond, putting the dollar back into focus.

EUR/USD levels to watch

The pair is now gaining 0.14% at 1.1179 facing the initial hurdle at 1.1200 (high Jul.29) followed by 1.1237 (100-day sma) and then 1.1280 (base of the 8-month rising channel). On the flip side, a breakdown of 1.1078 (200-day sma) would target 1.0950 (low Jul.25) en route to 1.0913 (post-Brexit low Jun.24).