EUR/USD clings to gains near 1.1070

The single currency is extending the post-FOMC upside momentum today, lifting EUR/USD to the vicinity of 1.1080 although losing some vigour afterwards.

EUR/USD focus on German CPI

The pair has taken advantage from the fresh wave of selling pressure hitting the greenback after the Committee left interest rates unchanged at Wednesday’s meeting.

The FOMC has also hinted at the likeliness that a rate hike at the September meeting could be premature, adding to USD weakness.

In the meantime, spot keeps its firm note into the European session today, albeit a sustainable surpass of the critical 200-day sma at 1.1075 still remains elusive.

EUR/USD levels to watch

The pair is now gaining 0.14% at 1.1075 facing the initial hurdle at 1.1166 (high Jul.14) followed by 1.1184 (high Jul.5) and then 1.1253 (base of the 7-month rising channel). On the flip side, a breakdown of 1.0950 (low Jul.25) would target 1.0913 (post-Brexit low Jun.24) en route to 1.0820 (low Mar.10).