FXStreet (Edinburgh) - The single currency continues to push higher on Tuesday, lifting the EUR/USD to fresh intraday highs near 1.3630.
EUR/USD stronger despite IFO
The EUR remains resilient at the beginning of the week, keeping the trade above the 1.3600 handle and largely bypassing the disappointment from the IFO series. Market participants will now focus their attention on the US docket, where the S&P-Case/Shiller index (11.6% exp.) and Consumer Confidence (83.5 exp.) will be the most relevant releases. “Oil prices complicate the outlook for EUR, as rising oil prices will add to inflationary pressures, which should ease the disinflation burden faced by the ECB but complicate the growth outlook further. We hold a year-end 1.30 EUR forecast”, observed Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD levels to consider
The pair is now advancing 0.12% en 1.3622 with the next resistance at 1.3634 (high Jun.20) ahead of 1.3644 (high Jun.19) and finally 1.3669 (high Jun.9). On the downside, a breach of 1.3565 (low Jun.20) would open the door to 1.3542 (low Jun.18) and then 1.3536 (low Jun.17).