EUR/USD breaks higher to new 3-week highs, PMIs ahead

The shared currency is seen inching higher against its American counterpart in the late-Asian trades, now pushing EUR/USD towards fresh multi-week highs amid broad based USD weakness.

EUR/USD: Attention to EZ PMIs, US ADP jobs and FOMC                             

Currently, EUR/USD trades +0.15 higher at fresh three-week highs of 1.1073, having taken-out yesterday’s high of 1.1072. The main currency pair extends its recent winning streak into early Europe, with risk adverse market conditions boosting the funding currency status of the euro.

Further, ongoing broad USD selling amid downbeat sentiment towards Trump taking a lead in the US presidential election race, also helps the upside in the EUR/USD pair.

The immediate focus remains on a series of final manufacturing PMI reports from the Euro area economies. While the US ADP jobs report and FOMC decision will take center-staged later in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1100 (key resistance). A break beyond the last, doors will open for a test of 1.1114 (50-DMA) and from there to 1.1144 (Oct 11 high). On the flip side, the immediate support is placed at 1.1016 (5-DMA) below which 1.1000 (round figure) and 1.0968 (20-DMA) could be tested.