EUR/USD off highs, deflates to 1.1340

The common currency is now losing some upside momentum, prompting EUR/USD to fade part of the earlier advance and return to the 1.1345/40 band.

EUR/USD up on USD selling

Renewed upbeat sentiment surrounding the likeliness of the UK staying part of the European Union at next Thursday’s referendum has been underpinning today’s bid tone in most of the risk associated assets, motivating the pair to climb as high as the 1.1380 area during the Asian trading hours.

Nothing worth mentioning data wise in the euro area today whereas the speech by FOMC’s N.Kashkari (non voter) is due later in the NA session. In the meantime, ‘Brexit’ will remain the exclusive driver in the global markets this week, with final results expected to come out early Friday.

EUR/USD levels to watch

The pair is now advancing 0.56% at 1.1340 and a break above 1.1417 (high Jun.8) would expose 1.1466 (high Apr.12) and then 1.1617 (2016 high May 3). On the other hand, the immediate support aligns at 1.1307 (55-day sma) followed by 1.1255 (20-day sma) and finally 1.1129 (low Jun.16).