EUR/USD flirting with daily highs near 1.1460

• The pair resumes the upside and tests session peaks near 1.1460.
• The greenback remains depressed and sidelined in the 96.20 area.
• Brexit and Italy remain the main drivers of the pair near term.

The upbeat tone around the European currency remains well and sound so far today and is now lifting EUR/USD to the area of daily highs around 1.1460.

EUR/USD looks to EcoFin meeting, Brexit

Spot is advancing for yet another session on Tuesday amidst the lack of traction in the greenback and has now surpassed the key area in the mid-1.1400s.

In the meantime, the buck remains under pressure on easing trade concerns between the US and China and ahead of the G20 meeting, where Trump and Xi Jinping are expected to meet.

Further out, all the attention stays on Brexit as investors will closely follow today’s developments in Brussels, where UK’s Theresa May is expected to discuss trade issues.

In the data space, German Producer Prices rose 0.3% MoM and 3.3% on a year to October, matching initial estimates. Later in the session, the EcoFin meeting should kick in ahead of US Housing Starts, Building Permits and the API report on crude oil inventories.

EUR/USD levels to watch

At the moment, the pair is up 0.08% at 1.1463 facing the next hurdle at 1.1502 (high Nov.7) seconded by 1.1515 (55-day SMA) and finally 1.1559 (100-day SMA). On the other hand, a break below 1.1377 (21-day SMA) would target 1.1361 (10-day SMA) en route to 1.1214 (2018 low Nov.12).