EUR/USD flirting with daily highs near 1.1580, eyes on Jackson Hole

• The pair resumes the upside on Friday and trades closer to 1.1600.
• The greenback comes under pressure near 95.50/45.
• US Durable Goods Orders, Jackson Hole in the limelight later.

The demand for the single currency remains firm this week and is now lifting EUR/USD back to the vicinity of 1.1580, or daily highs.

EUR/USD looks to Jackson Hole, data

Spot is up for the second consecutive week so far, extending the rebound following last week’s fresh 13-month lows in levels just below 1.1300 the figure.

After yesterday’s pullback, the pair seems to have resumed the upside and approaches the critical barrier at the 1.1600 milestone, all amidst the persistent offered bias around the buck.

Later in the session, US Durable Goods Orders will be the sole data release today. From the Jackson Hole Symposium, all the attention will be on the speech by Fed’s Jerome Powell, although investors do not expect any surprises.

EUR/USD levels to watch

At the moment, the pair is gaining 0.28% at 1.1572 facing the next hurdle at 1.1623 (high Aug.22) seconded by 1.1629 (high Aug.8) and finally 1.1745 (high Jul.31). On the other hand, a break below 1.1535 (21-day SMA) would target 1.1468 (10-day SMA) en route to 1.1299 (2018 low Aug.15).