EUR/USD leaps to 1.1120, session peaks

The single currency has managed to recover some ground vs. the dollar, now lifting EUR/USD to the area of daily highs near 1.1120.

EUR/USD focus on German data

The pair’s downside seems to have found some support around the 1.1100 neighbourhood early in the week, as the dollar keeps its ongoing rally reinforced by Chair Yellen’s comments last Friday, adding to the view that a rate hike by the Fed in June remains a live possibility.

On the data front, US markets will be closed due to the Memorial Day holiday, while the advanced figures of the German CPI for the month of May are due later. Consensus expects consumer prices to have gained 0.1% on a yearly basis vs. the previous 0.1% drop.

EUR/USD levels to watch

The pair is now advancing 0.02% at 1.1117 and a break above 1.1176 (100-day sma) would aim for 1.1246 (high May 23) and then 1.1275 (20-day sma). On the other hand, the immediate support lines up at 1.1097 (200-day sma) followed by 1.1055 (low Mar.16) and finally 1.0820 (low Mar.10).