EUR/USD looks to extend the break above 1.12

The single currency is modestly up vs. the greenback at the beginning of the week, sending EUR/USD back above the 1.12 handle.

EUR/USD supported near 1.1180

After a brief test of the 1.1180/75 band on Friday, spot has managed to regain attention and retake the key barrier at 1.1200 the figure following a quiet session in Asia.

The bank holiday in the UK is expected to drain markets of volatility today, leaving the pair to the mercy of the broader risk trends while investors continue to assess the recent speech by Chair J.Yellen at Jackson Hole.

On the data front, inflation figures tracked by the PCE, Personal Income/Spending and the Dallas Fed manufacturing index are all due across the pond.

EUR/USD levels to watch

The pair is now up 0.11% at 1.1207 and a breakout of 1.1357 (high Aug.23) would aim for 1.1434 (high Jun.24) and finally 1.1466 (high Apr.12). On the other hand, the immediate support aligns at 1.1177 (low Aug.26) followed by 1.1153 (55-day sma) and finally 1.1119 (200-day sma).