EUR/USD around 1.1850, 2-week tops

The sell off in the greenback is now gaining extra pace, helping EUR/USD to climb to the key resistance area around 1.1850/60.

EUR/USD attention to FOMC

The pair keeps pushing higher so far this week, always against the backdrop of the persistent selling bias weighing on the buck.

Further out, yields of the key US 10-year benchmark have tumbled to session lows in the vicinity of the 2.33% level, all collaborating with the downside momentum in the greenback. The US Dollar Index, in the meantime, dropped to fresh lows near 92.80.

Adding support to EUR, concerns regarding the situation in Catalonia have diminished somewhat for the time being, while investors will closely follow the speech by President M.Rajoy at some point in the European evening.

Ahead in the session, the greenback is expected to remain under pressure in light of the publication of the FOMC minutes, where the balance sheet reduction and prospects of further tightening by the Fed will likely be in centre stage.

EUR/USD levels to watch

At the moment, the pair is up 0.39% at 1.1854 and faces the initial resistance at 1.1911 (high Aug.2) followed by 1.2033 (high Sep.20) and finally 1.2094 (2017 high Sep.8). On the other hand, a break below 1.1767 (10-day sma) would target 1.1686 (low Oct.6) en route to 1.1662 (low Aug.17).