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EUR / USD extends advance to five-day highs at 1.1760 zone

  • Dollar weakness propels EUR / USD accelerating advance.
  • Data from China and expectations for a vaccine boost appetite for risk.

The EUR / USD accelerated the bullish run in the last hours and climbed from 1.1710 to 1.1762, reaching the highest level since last Wednesday. The price remains in the zone of the highs of the day supported by the weakness of the dollar.

The dollar is falling in the market, while stocks are rising throughout the world. The futures of the major Wall Street indices They point to a positive opening with rises between 0.55% and 1%. The dollar index (DXY) falls 0.28%, and is trading below 93.50, the lowest since October 15.

In front

Regarding data, it was known that the construction product in the Eurozone it rose 2.6% in August, which represents an acceleration from the 0.3% advance in July. Compared to a year ago, it fell 0.9%. In Europe it is expected word from the president of the European Central Bank, Christine Lagarde.

In EE.UU. The most important data will be the index of the real estate sector, which is expected to show a drop from 83 to 82 in October. The attention of the operators is hopefully focused on the speeches of officials of the Federal Reserve, They include Powell, Williams, Clarida, Kashakari, and Harker.

Levels to consider

The EUR / USD is testing the 1.1760 area, in case of clearly affirming above it would be strong to extend the bullish route. The next resistance is at 1.1780 and then 1.1810. In the opposite direction, key short-term support can be seen at 1.1725 (horizontal level and 20 SMA in four hours) and then 1.1690.

Credits: Forex Street

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