EUR/USD upside capped around 1.0900, Draghi eyed

The single currency seems to have recovered part of its shine lost at the beginning of the week, now taking EUR/USD to navigate around the upper-1.0800s.

EUR/USD attention to Draghi

The pair is posting some decent gains on Wednesday following two consecutive daily pullbacks after the rejection from YTD tops in the 1.1020 area in the wake of the results from the second round of the French presidential elections on Sunday.

The down move in spot was sustained by a robust pick up in the demand for the greenback, lifting the US Dollar Index from Monday’s 2017 lows near 98.30 to yesterday’s multi-day tops in the vicinity of 99.60.

In the meantime, the pair looks sidelined just below 1.0900 the figure so far today ahead of the speech by President Draghi on the impact of monetary policy of the ECB, at the Netherlands.

Across the pond, Export/Import Price Index is due ahead of the EIA’s weekly report on US crude oil inventories and the speech by Boston Fed E.Rosengren (2019 voter, hawkish).

EUR/USD levels to watch

At the moment, the pair is advancing 0.19% at 1.0895 and a break above 1.0916 (23.6% Fibo of the April-May rally) would target 1.0935 (high May 9) en route to 1.1024 (2017 high May 8). On the flip side, the next support aligns at 1.0861 (low May 9) seconded by 1.0850 (38.2% Fibo of the April-May rally) and finally 1.0829 (200-day sma).