EUR/USD flirting with highs around 1.0600

The demand for the single currency is now picking up pace, lifting EUR/USD to the boundaries of 1.0600 the figure, or daily highs.

EUR/USD gathers traction, USD softer

The now offered tone around the greenback is allowing spot to retake the upper end of the range in the 1.0600 neighbourhood.

EUR-bulls are returning to the markets despite German Factory Orders have contracted at a seasonally adjusted 7.4% inter-month during January.

With markets struggling for direction early in the European session, the expectations of a rate hike by the Fed at the March meeting and French politics are poised to remain the exclusive catalysts for the pair’s price action ahead in the day.

EUR/USD levels to watch

At the moment the pair is up 0.15% at 1.0598 and a breakdown of 1.0492 (low Mar.2/Feb.22) would target 1.0452 (low Jan.11) en route to 1.0339 (2017 low Jan.3). On the upside, the next resistance appears at 1.0654 (short term resistance line) seconded by 1.0675 (100-day sma) and finally 1.0682 (high Feb.16).