EUR/USD flirting with highs near 1.1250

The softer tone in the greenback is now allowing EUR/USD to bounce to session tops in the mid-1.1200s.

EUR/USD attention to Fedspeak

The pair is recovering some ground lost on Friday against the backdrop of a softer greenback and ahead of key Fedspeak later in the NA session.

In fact, Atlanta Fed D.Lockhart (non voter, dovish) and N.Kashkari (voter in 2017) are due to speak later today, although all the attention will be on the speech on ‘Economic Outlook’ by L.Brainard (voter), considered the most dovish FOMC member.

Regarding positioning, speculative EUR shorts have climbed to 5-week highs, reinforced by also multi-week tops in Open Interest during the week ended on September 6, according to the latest CFTC report.

EUR/USD levels to watch

The pair is now advancing 0.14% at 1.1251 and a break above 1.1301 (resistance line off 2016 high) would target 1.1329 (high Sep.8) and then 1.1367 (high Aug.18). On the other hand, the immediate support aligns at 1.1207 (2014-2016 support line) ahead of 1.1143 (200-day sma) and finally 1.1043 (low Aug.5).