EUR/USD clinches highs around 1.0820

The selling pressure around the Dollar is picking up pace once again in the European morning, lifting EUR/USD to fresh tops in the 1.0820 area.

EUR/USD higher ahead of Draghi

Spot met extra buying interest following a bout of USD-selling on Thursday, advancing to the critical resistance band around 1.0820/50, where sit a Fibo retracement and October/March’15 lows.

USD in the meantime is extending its leg lower to the 99.20 area, posting new multi-week lows as the bearish sentiment remains everything but unabated. Catalysts for the down move, however, remain unclear for the time being.

Looking ahead, speeches by ECB’s President M.Draghi and Board Members P.Praet, B.Coeure, J.Dickson and I.Angeloni should keep investors entertained ahead of second-tier releases across the pond: Initial Claims, Non-farm Productivity and IBD/TIPP index.

EUR/USD levels to watch

The pair is now gaining 0.40% at 1.0812 facing the next up barrier at 1.0820 (50% Fibo retracement of the Nov-Jan drop and low Mar.10 2016) ahead of 1.0848 (low Oct.25 2016) and then 1.0873 (high Dec.8 2016). On the other hand, a breakdown of 1.0729 (low Feb.1) would open the door to 1.0681 (low Jan.31) and finally 1.0665 (20-day sma).