EUR/USD parked around 1.1220, daily peaks

After bottoming out in the 1.1190/80 band in early  trade, EUR/USD managed to regain some attention and advance beyond the 1.1200 barrier, where it is now holding on.

EUR/USD muted on US data

The pair keeps the positive tone amidst renewed selling pressure surrounding the greenback, which has pierced the key 97.00 support when tracked by the US Dollar Index (DXY).

Positive results from the ZEW survey in the euro region saw the economic sentiment improving to 37.7 for the month of June, bettering forecasts at the same time. More from the ZEW survey showed Germany’s economic sentiment missing estimates while current situation ticked higher to 88.0.

In the US docket, the NFIB’s index stayed put at 104.5 during May, albeit coming in short of expectations. The more relevant producer prices came in flat on a monthly basis and rose 2.4% on a year to May.

In the meantime, cautiousness is expected to prevail in the global markets ahead of tomorrow’s FOMC meeting, where consensus among investors expects the Federal Reserve to tighten further its monetary conditions.

EUR/USD levels to watch

At the moment, the pair is gaining 0.08% at 1.1213 and a break above 1.1240 (high Jun.9) would target 1.1284 (2017 high Jun.5) en route to 1.1300 (high Nov.9 2016). On the downside, the next support aligns at 1.1165 (low Jun.9) followed by 1.1108 (low May 30) and finally 1.1073 (76.4% Fibo of 1.1300-1.0339).