EUR/USD runs to 1.0630 ahead of Draghi

The offered bias in the greenback is allowing EUR/USD to advance further north of the 1.0600 handle on Monday, clinching session tops near 1.0630 for the time being.

EUR/USD focus on USD, ECBspeak

After bottoming out in the vicinity of 1.0560 during last week, spot has so far managed to not only regain the 1.0600 handle but also to climb to the area of 2-day tops around 1.0630.

Despite the correction higher, the pair’s outlook remains bearish in the near to medium terms, as expectations of a Fed’s move by year-end and prospects of higher inflation figures in the US economy remain supportive of a stronger buck.

Nothing relevant data wise in the euro area today, while speeches by ECB’s President M.Draghi and board members B.Coeure and D.Nouy could be of attention later in the day.

On another direction and according to the latest CFTC report, EUR speculative net shorts have receded to 4-week lows during the week ended on November 15.

EUR/USD levels to watch

The pair is now up 0.42% at 1.0633 and a break above 1.0763 (high Nov.16) would aim for 1.0826 (high Nov.14) and then 1.0848 (low Oct.25). On the flip side, the initial support aligns at 1.0567 (2016 low Nov.18) followed by 1.0538 (low Dec.3 2015) and then 1.0519 (low Apr.13 2015).