EUR/USD edges higher near 1.1340, Fedspeak eyed

The buying pressure around the common currency remains well and sound today, with EUR/USD now testing daily highs near 1.1340.

EUR/USD attention to US data, Fedspeak

Spot is advancing for the fifth consecutive session so far today, propped up by the continuation of the offered tone in the greenback, recently accentuated after the Fed showed no rush to hike rates in the near future, according to the last FOMC minutes.

The pair’s upside momentum has gathered extra legs after the recent break above the 2014-2016 resistance line and the base of the 8-month rising channel, located at 1.1265 and 1.1305, respectively.

On the data front, EMU’s final CPI has contracted at a monthly 0.6%, missing estimates. In the US docket, Initial Claims, the Philly Fed manufacturing index and speeches by FOMC’s Dudley and Williams are all expected later.

EUR/USD levels to watch

The pair is now advancing 0.36% at 1.1331 with the next hurdle at 1.1346 (61.8% Fibo of the May-June down move) followed by 1.1434 (high Jun.24) and then 1.1465 (78.6% Fibo of the May-June down move). On the downside, a breach of 1.1252 (2014-2016 trendline prev. resistance now support) followed by 1.1179 (38.2% Fibo of the May-June down move) and then 1.1161 (55-day sma).