EUR/USD turns positive around 1.1930

The single currency is now alternating gains with losses vs. the buck at the beginning of the week, taking EUR/USD to the 1.1930 area for the time being.

EUR/USD bid post-Jackson Hole

The pair keeps its march north unabated on Monday, now looking to consolidate the recent breakout of the 1.1900 handle following the speech by President Draghi at the Jackson Hole Symposium on Friday.

Further weakness around the greenback continues to bolster the upside momentum surrounding spot, which is now seems to have shifted its focus to the critical 1.2000 handle. The US Dollar Index, on the other hand, is navigating the area of fresh YTD lows near 92.30.

Spot stays strong despite Draghi failed to deliver any news regarding the future of QE, although the upcoming ECB meeting on September 7 will probe to be crucial in this regard.

Today’s docket includes EMU’s private loans and M3 money supply, while wholesale inventories, July’s goods trade balance and the Dallas Fed manufacturing index are all due across the pond.

EUR/USD levels to watch

At the moment, the pair is up 0.08% at 1.1934 facing the next hurdle at 1.1960 (2017 high Aug.28) followed by 1.2000 (psychological level) and finally 1.2042 (monthly low July 2012). On the flip side, a breach of 1.1803 (10-day sma) would target 1.1670 (5-month up trend) en route to 1.1611 (low Jul.26).