EUR/USD back on track, advances through 1.1200

By FXStreet FXStreet (Edinburgh) – The single currency has recovered the smile today, with EUR/USD now retaking the 1.1200 handle and above.

EUR/USD bounces off 1.1160

Increasing risk appetite has dragged spot to test daily lows in the 1.1160 area in response to a better tone in European equity markets. However, the persistent offered bias around the greenback is now allowing the pair to regain levels beyond 1.1200 the figure.

In the data space, market participants have largely ignored the poor results from German Industrial Production and Trade Balance. Across the pond, the NFIB’s index has missed consensus, while Wholesale Inventories and the API’s weekly report are next on tap.

EUR/USD levels to watch

The pair is now up 0.17% at 1.1210 facing the next hurdle at 1.1246 (high Feb.5) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). On the other hand, a breakdown of 1.1054 (200-day sma) would open the door to 1.0966 (20-day sma) and finally 1.0899 (55-day sma).
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Source:: FX Street