EUR/USD gearing up for a test of 1.0700?

The demand for the single currency is now picking up further pace, pushing EUR/USD to the vicinity of the 1.0700 key barrier.

EUR/USD bid after US data

Spot kept the familiar range after US inflation figures tracked by the PCE (Fed’s preferred gauge) rose more than expected at an annualized 1.8% during February, while Personal Spending gained 0.1% MoM and Personal Income advanced 0.4% MoM in the same period.

The pair keeps the firm note so far today, looking to consolidate the weekly sharp sell-off from Monday’s fresh 2017 tops just above 1.0900 the figure amidst some profit taking in the buck.

Earlier in the session, EMU’s advanced inflation figures showed headline consumer prices are expected to rise 1.5% on a year to March, losing some upside momentum from recent prints.

In the US docket, the Chicago PMI is due later seconded by Consumer Sentiment gauged by the Reuters/Michigan index and speeches by Minneapolis Fed N.Kashkari (voter, dovish) and St. Louis Fed J.Bullard (2019 voter, centrist).

EUR/USD levels to watch

At the moment the pair is gaining 0.17% at 1.0694 and a break above 1.0709 (20-day sma) would target 1.0772 (high Mar.30) en route to 1.0827 (high Mar.29). On the other hand, the immediate support aligns at 1.0669 (low Mar.30) followed by 1.0626 (100-day sma) and finally 1.0597 (low Mar.14).