EUR/USD challenges highs near 1.1120

The greenback continues to shed ground on Wednesday and is now helping EUR/USD to extend the upside to fresh multi-month peaks around the 1.1120 region.

EUR/USD supported at 1.1080

Spot has regained the 1.1100 handle and above after buyers have turned up in the area of daily lows near 1.1080.

The bid tone stays intact around the pair for the time being, always fuelled by USD-weakness, which in turn has been intensified by heightened uncertainty and rising jitters following the Russia-gate.

On the data front, final April inflation figures in the euro bloc showed consumer prices have risen in line with preliminary readings: 0.4% MoM and 1.9% over the last twelve months. Core prices rose 1.2% on an annualized basis.

Nothing expected data-wise across the pond other than the weekly report on US crude oil inventories by the EIA.

EUR/USD levels to watch

At the moment, the pair is advancing 0.32% at 1.1118 and a break above 1.1122 (2017 high May 17) would target 1.1146 (high Nov.4 2016) en route to 1.1300 (high Nov.9 2016). On the flip side, the next support aligns at 1.1073 (76.4% Fibo of 1.1300-1.0339) followed by 1.0911 (20-day sma) and finally 1.0826 (200-day sma).