EUR/USD Buoyant Near 1.1260, US Data on Sight
The shared currency keeps its march north unabated on Monday, sending EUR/USD to daily tops near 1.1260.
EUR/USD up on USD weakness
The pair is extending its rebound from recent lows in the 1.1220 area today, against a backdrop of increasing selling pressure surrounding the US dollar and rising cautiousness in light of the upcoming FOMC meeting.
In the data space, the German IFO has come in on the softer side for the current month, with Business Expectations, Current Assessment and Business Climate all missing estimates. Across the pond, New Home Sales are due later in the NA session.
EUR/USD levels to watch
The pair is now up 0.26% at 1.1252 and a break above 1.1399 (high Apr.21) would target 1.1466 (2016 high Apr.12) en route to 1.1496 (monthly high Oct.15 2015). On the flip side, the immediate support aligns at 1.1216 (low Apr.22) followed by 1.1193 (55-day sma) and finally 1.1142 (low Mar.24).