EUR/USD playing with weekly tops around 1.1250

• The firm note stays unchanged around the single currency.
• The correction lower in DXY halted around 97.00.
• US ADP report, ISM Non-manufacturing next of relevance.

The corrective up move in EUR/USD appears to have met strong resistance in the 1.1250 region, coincident with earlier weekly highs (Monday 1 April).

EUR/USD looks to trade, data

Some respite appeared today around the shared currency amidst a renewed offered bias hurting the greenback, pushing spot back to levels beyond 1.1200 the figure after briefly testing the vicinity of 2019 lows in the 1.1180 region on Tuesday.

In fact, positive results from the Chinese services sector in combination with a bout of fresh optimism around the US-China trade dispute have lifted the sentiment in the riskier assets and undermined the ongoing rally in the buck.

Later in the NA session, the monthly labour report of the US private sector is due seconded by the key ISM Non-manufacturing and the EIA report on US crude oil supplies.

What to look for around EUR

EUR remains under heavy pressure following poor results in Euroland, somehow confirming that the slowdown in the region could stay for longer as well as the patient stance from the ECB. Against the backdrop of souring risk-appetite trend, the greenback should emerge stronger and is expected to keep weighing on spot for the time being. On the political front, headwinds are expected to emerge in light of the upcoming EU parliamentary elections, where the focus of attention will be on the potential increase of the populist option among voters.

EUR/USD levels to watch

At the moment, the pair is gaining 0.38% at 1.1247 and a break above 1.1254 (high Apr.1) would target 1.1280 (21-day SMA) en route to 1.1338 (200-week SMA). On the other hand, immediate contention emerges at 1.1183 (low Apr.2) followed by 1.1176 (low Mar.7) and finally 1.1118 (monthly low Jun.20 2017).