EUR/USD surrenders some gains, keeps 1.20 and above

The single currency keeps the firm note on Tuesday despite EUR/USD has eased some ground from earlier tops near 1.2070 to the current 1.2030/25 band.

EUR/USD bid above 1.20

The upside momentum stays unabated around the European currency, so far advancing for the third session in a row and quickly leaving behind the critical 1.2040 region (July 2012 low) to reach fresh tops near 1.2070 during early trade.

The up move has been exacerbated (as per usual) in tandem with further deterioration in the greenback, particularly following the speeches by Chief J.Yellen and President M.Draghi at the Jackson Hole Symposium.

In terms of levels, there is not much of relevance until 1.2167, which is the 50% Fibo retracement of the 2014-2017 drop.

In the data space, consumer climate in Germany tracked by GfK surpassed estimates for the moth of September, while US S&P/Case-Shiller index rose at an annualized 5.7%, matching initial consensus. Further US data saw the Conference Board’s consumer confidence at 122.9 for the current month, bettering prior surveys.

EUR/USD levels to watch

At the moment, the pair is up 0.32% at 1.2016 facing the next hurdle at 1.2069 (2017 high Aug.29) followed by 1.2100 (psychological level) and finally 1.2167 (50% Fibo of the 2014-2017 drop). On the flip side, a breach of 1.1917 (low Aug.28) would aim for 1.1831 (10-day sma) and then 1.1810 (21-day sma).