EUR/USD climbs further to 11-day high

EUR/USD picked up pace at the beginning of the New York session and reached fresh 11-day highs, with the euro supported by better-than expected German IFO data.

EUR/USD broke above the 1.1250/60 area and stretched to a peak of 1.1269 in recent dealings. At time of writing, the pair is trading near highs at 1.1265, up 0.33% on the day.

On the data front, German IFO surveys for Business Climate, Current Assessment and Expectations all surpassed initial estimates for the current month. Later on the day, ECB President, Mario Draghi, will testify before the Committee on Economic and Monetary Affairs of European Parliament. On the other side of the pond, August’s new home sales will be the highlight of the session alongside with a speech of Fed’s Tarullo.

EUR/USD levels to watch

In terms of technical levels, immediate resistances are seen at 1.1283 (Sep 15 high), 1.1326 (Sep 8 high) and 1.1365 (Aug 18 high). On the flip side, supports could be found at 1.1189 (100-day SMA), 1.1150 (200-day SMA) and 1.1122 (Aug 31 & Sep 21 low).