EUR/USD touches a high of 1.1707 on the day
And the hourly close @ 1.1702 is just above the 200-hour MA (blue line) @ 1.1701 but I wouldn't say it's a break just yet. Currently sellers are still defending the level, but buyers sure look poised as the session begins.
A move back above both the hourly moving averages tips the scale to favour buyers in the near-term. But again, they first need to hold a break above the two hourly moving averages.
There's no specific catalyst I can see for the move apart from some slight dollar weakness across the board. The dollar index is now down 0.1% on the day.
As for EUR/USD, upside levels to look out for beyond this is the 61.8 retracement level @ 1.1720 followed by further resistance near 1.1750 and then the month's high @ 1.1791.
As for downside levels, support at 1.1700 and 1.1680 remains a key area in the near-term followed by further support near 1.1625-40.
