EUR/USD keeps pushing higher, near 1.2450

• EUR shrugs off weak German CPI.
• Spot keeps the upside on USD-selling.
• Trump’s SOTU speech next of relevance.

The demand for the single currency remains well and sound on ‘turnaround’ Tuesday and is now lifting EUR/USD to fresh daily tops in the mid-1.2400s.

EUR/USD focused on US data, Trump

The renewed selling pressure around the greenback stays well and sound today, helping the pair to regain and quickly advance beyond the critical 1.2400 handle, gaining around a cent since daily lows in the 1.2330 region.

Spot thus managed to rapidly leave behind disappointing flash inflation figures in Germany for the current month. In fact, German consumer prices tracked by the CPI are now expected to advance 1.6% on a yearly basis, and 1.4% when measured by the broader HICP, both readings below previous estimates.

Ahead in the day, US consumer confidence by the Conference Board is due although the centre of attention will be President Trump’s SOTU speech, due at 9PM ET.

EUR/USD levels to watch

At the moment, the pair is gaining 0.51% at 1.2449 and a breakout of 1.2454 (high Jan.30) would target 1.2537 (2018 high Jan.25) en route to 1.2571 (high Dec.16 2014). On the flip side, the next support aligns at 1.2336 (low Jan.30) followed by 1.2317 (10-day sma) and finally 1.2187 (21-day sma).