EUR/USD is trading around 1.1470 after being unable to break above last week highs. The pair peaked at 1.1486, the highest since Wednesday. The euro failed to rise above 1.1490 (2017 highs) and pulled back modestly.
Upside pressure remain highs
The bullish momentum remains strong for the pair and another test of 1.1490 could be seen over the next hours. “The pair is trapped within a strong resistance region between 1.1460 and 1.1490, and would take a clear break above this last to confirm further gains ahead”, said Valeria Bednarik, Chief Analysts at FXStreet.
A decline under 1.1460, where the 20-hour moving average currently stand, could open the doors to a correction toward daily lows located at 1.1435.
Weak US data, the main driver ahead of ECB