EUR/USD re-takes 1.0700 ahead of ECB Draghi

The EUR/USD pair is now looking to extend gains once again above 1.07 handle, as the US dollar runs into offers across the board amid renewed weakness in the US treasury yields.

EUR/USD: A busy calendar ahead

Currently, the spot now trades +0.07%higher at 1.0702, heading back towards daily highs reached at 1.0713 earlier on the day. The main currency pair catches fresh bid tone as the US treasury yields return to the red zone and dragged the US dollar broadly lower.

The latest leg lower in the greenback is largely on the back latest Trump headlines, citing that he ousted acting Attorney General Yates. The developments around Trump’s presidency will remain the key determining factor for further USD price-action going forward.

In the meantime, attention turns towards the German retail sales data due to be reported ahead of the European open. While ECB Draghi’s speech, German jobs data and Eurozone CPI as well as GDP reports will set the tone for EUR traders in the European session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0750 (psychological levels). A break beyond the last, doors will open for a test of 1.0773 (7-week high) and from there to 1.0800 (zero figure). On the flip side, the immediate support is placed at 1.0682 (Jan 23 low) below which 1.0668 (20-DMA) and 1.0623 (Jan 20 low) could be tested.