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EUR/USD and another attempt to 1.1150

FXStreet (Edinburgh) - The common currency is once again gathering traction against the dollar, pushing EUR/USD to the upper bound of the daily range in the 1.1140 area.

EUR/USD focus on Draghi

Market participants have quickly shrugged off the poor results from the flash manufacturing and services PMIs in the euro bloc during September, allowing the pair to keep the trade well above the 1.1100 neighbourhood, earlier session lows.

Absent important releases in the US economy, the salient event ahead in the day will be the speech by President Mario Draghi before the European Parliament, at 13GMT. The pair’s upside will surely be under scrutiny later, as market expectations point to a dovish tone from Draghi.

EUR/USD levels to watch

As of writing the pair is advancing 0.12% at 1.1133 and a breakout of 1.1155 (high Sep.23) would target 1.1207 (high Sep.22) en route to 1.1330 (high Sep.21). On the other hand, the next support aligns at 1.1105 (low Sep.23) followed by 1.1089 (low Sep.4) and finally 1.1017 (low Aug.19).

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