EUR/USD tests the key barrier near 1.0770

EUR/USD keeps pushing higher on Wednesday, now flirting with the key resistance area around 1.0770.

EUR/USD advances on weaker buck

The pair met extra buying pressure as the greenback has intensified its downside today, with the US Dollar Index now breaking below the psychological support at 100.00 the figure.

Spot stays largely driven by USD dynamics, particularly after Donald Trump took office last week and announced his first measures. Furthermore, its seems that last week’s comments by Trump regarding the strength of the Dollar are still punishing the buck.

Additionally, USD speculative net longs have retreated to 2-month lows during the week ended on January 17, all collaborating with the renewed and strong selling bias.

On the data front, the pair remained apathetic following mixed results from the German IFO for the current month, while there are no scheduled releases in the US calendar today other than the DoE’s report on crude oil inventories.

EUR/USD levels to watch

The pair is now up 0.25% at 1.0758 facing the initial hurdle at 1.0773 (high Jan.23) followed by 1.0798 (high Dec.5) and then 1.0873 (high Dec.8). On the flip side, a break below 1.0682 (low Jan.23) would open the door to 1.0665 (short-term support line) and finally 1.0600 (20-day sma).