EUR/USD leaps to daily highs near 1.0760

The softer tone in the greenback has now picked up extra pace, lifting EUR/USD to fresh daily highs near 1.0760.

EUR/USD propped up by USD selling

The pair is testing the upper end of the recent range in the mid-1.0700s bolstered by the broad-based selling bias around the buck.

In addition, auspicious results from the euro area showed higher-than-expected inflation figures for the current month, while the bloc is seen expanding more than estimated in Q4 and the unemployment ticked lower in December, all adding to the stronger EUR.

Furthermore, EUR remains supported by speculative positioning, as net shorts have been trimmed to levels last seen in late May during the week ended on January 24, as per the latest CFTC report.

Data wise in the US economy, Q4 Employment Cost Index is due, seconded by the S&P Case-Shiller Index, Chicago PMI and Consumer Confidence measured by the Conference Board.

EUR/USD levels to watch

The pair is now gaining 0.61% at 1.0760 facing the next up barrier at 1.0775 (high Jan.24) ahead of 1.0798 (high Dec.5) and then 1.0820 (50% Fibo of the November-January drop). On the other hand, a breakdown of 1.0650 (20-day sma) would target 1.0617 (low Jan.30) en route to 1.0589 (55-day sma).