EUR/USD challenges highs near 1.1200

The common currency is now gathering further steam vs. the dollar, pushing EUR/USD back around the 1.1190 area.

EUR/USD firmer ahead of US releases

Spot regained the upper-1.1100s after briefly testing the area of 1.1170 earlier in the European morning, keeping a narrow range amidst prevailing risk-on sentiment and ahead of the US calendar.

In fact, USD will take centre stage today, as Initial Claims, Durable Goods Orders and Pending Home Sales are all due later in the NA session, along with FOMC’s speakers Bullard and Powell.

EUR/USD levels to watch

The pair is now advancing 0.30% at 1.1188 and a break above 1.1246 (high May 23) would aim for 1.1303 (55-day sma) and finally 1.1331 (20-day sma). On the other hand, the immediate support lines up at 1.1129 (low May 24) followed by 1.1103 (200-day sma) and then 1.1055 (low Mar.16).