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EURUSD Grinds To Fresh Six-Week Highs, Eyes 1.10 Handle

EUR
  • Soft greenback price action continues to underpin the EURUSD grind higher on Wednesday, with the pair narrowing back in on the 1.10 handle and printing fresh six-week highs in the process. Broad based single currency strength remains evident across G10.
  • A bullish theme for EURUSD remains intact after rallying sharply higher last week, extending the bull cycle that started at 1.0635 on May 31.
  • A number of important retracement points have been cleared, reinforcing bullish conditions and this opens 1.0986, 76.4% of the Apr 26 - May 31 downleg. Clearance of this level would expose 1.1054, the May 8 high.
  • As noted earlier, EUR/GBP has been hovering near session highs, printing a new post-UK CPI high at 0.8607 around the WMR fixing window. Recall earlier today demand for EUR/GBP upside had been a dominant theme in options markets, with the cross just below 0.8613 the Jun13 high.
  • Initial pressure on core fixed income markets, which weighed on the Japanese yen, also prompted EURJPY to print fresh trend highs and extend the move above the 155 mark.
    • The 0.77% advance stands out in G10 fx, with the pair having recently confirmed a resumption of the longer-term uptrend. The focus remains on a material break of 155.59, a Fibonacci projection. 156.23 is the next topside target, the 2.00 projection of the Mar 20 - 21 - Apr 6 price swing.
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