EUR/USD through 1.1800, session tops

A fresh bout of USD weakness has now given extra oxygen to EUR/USD, lifting it to fresh tops beyond 1.1800 the figure.

EUR/USD focus on US data, Jackson Hole

Spot moved higher during the European afternoon following a renewed offered bias surrounding the buck, testing tops above the 1.1800 handle after bottoming out near 1.1740 earlier in the session.

Auspicious advanced PMI prints from France, Germany and the euro bloc for the month of August have come in on the strong side, lending extra support to the pair for the time being.

Additionally, President M.Draghi stayed somewhat ‘neutral’ at today’s speech in Lindau, fuelling hopes of a hawkish tone at the Jackson Hole Symposium in the second half of the week.

Looking ahead, preliminary Markit’s PMI is due across the pond along with new home sales and the speech by Dallas Fed R.Kaplan (voter, hawkish).

EUR/USD levels to watch

At the moment, the pair is advancing 0.37% at 1.1804 facing the initial hurdle at 1.1830 (high Aug.21) followed by 1.1846 (high Aug.11) and finally 1.1894 (high Aug.3). On the flip side, a breach of 1.1661 (low Aug.17) would target 1.1641 (5-month up trend) en route to 1.1611 (low Jul.26).