EUR/USD through 1.1300, fresh 2017 tops

The bid tone around the single currency is growing bigger on Tuesday, with EUR/USD advancing through the critical 1.1300 barrier, or fresh multi-month lows.

EUR/USD higher on USD selling

Spot keeps its shine intact during the first half of the week, advancing to levels last seen in early September 2016 above 1.1300 the figure, all amidst a renewed and strong demand for EUR following unexpected hawkish comments by President Draghi at the ECB Forum earlier today.

Adding to the pair’s upside, the greenback quickly plummeted to sub-97.00 levels when gauged by the US Dollar Index, opening the door for a potential visit to YTD lows in the 96.30 region.

Data wise in the US calendar, consumer confidence gauged by the Conference Board surprised to the upside today, rising to 118.9 for the current month. Additional data saw the Richmond manufacturing index at 7 during June, up from May’s 1 and forecasts at 4.

Later in the session, the ongoing rally in spot will be put to the test in light of the speech by Chief J.Yellen.

EUR/USD levels to watch

At the moment, the pair is gaining 0.90% at 1.1282 facing the next up barrier at 1.1305 (2017 high Jun.27) followed by 1.1329 (high Sep.8 2016) and then 1.1367 (high Aug.18 2016). On the other hand, a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).