EUR/USD breaks above 1.1100, session tops

The selling pressure around the greenback is now accelerating, lifting EUR/USD to fresh multi-day peaks above 1.1100 the figure.

EUR/USD attention to FOMC

The pair is clinching fresh multi-day tops above the 1.1100 handle, extending the rebound after last week’s troughs in the mid-1.0800s and always against the backdrop of a weaker greenback.

In fact, heightened risks on the US political scenario ahead of the presidential election on November 8 have been weighing on the buck since early this week, with latest election polls showing D.Trump is up by a slim gap vs. Democrat candidate H.Clinton (46% vs. 45% according to the Washington Post-ABC poll).

Later in the day, the FOMC meeting will be the salient event. Although market participants see the Committee leaving the status quo unchanged, the statement could lend further oxygen to a Fed’s move at the December meeting, giving at the same time some support to the greenback and putting the pair’s upside to the test.

EUR/USD levels to watch

The pair is now up 0.48% at 1.1109 with the next hurdle at 1.1136 (100-day sma) followed by 1.1144 (55-day sma) and then 1.1188 (200-day sma). On the other hand, a break below 1.0850 (low Oct.25) would aim for 1.0820 (low Mar.10) and finally 1.0709 (2016 low Jan.5).