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15 Jan 2020

EUR/USD hits fresh weekly highs above 1.1160

  • US-China phase one deal to be signed anytime. 
  • Greenback loses momentum across the board during the American session.

The EUR/USD pair climbed to 1.1162, hitting a fresh weekly high. It then pulled back, but it managed to remain above 1.1140. As of writing trades at 1.1155/58, near the top with a bullish tone. 

The move higher took place amid a broad decline of the US dollar. The slide of the greenback was modest. Traders await new details about the US and China trade deal. The signing ceremony of the “phase one” agreement will start in a few minutes. 

The DXY is trading at weekly lows, near 97.20, and US yields moved off lows but remain in negative territory for the day. US data came in mixed on Wednesday. The PPI rose below expectations in December while the Empire manufacturing index surpassed analyst's estimates. 

Technical outlook 

The EUR/USD pair holds a bullish tone and the momentum is likely to remain high as long as it holds on top of 1.1145. The next strong resistance might be seen at 1.1175/80 followed by 1.1200. On the flip side below 1.1145, the euro will likely lose strength. The upside bias is likely to hold while EUR/USD remains above 1.1085/95 (uptrend line from October lows). 

 

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